Parkway Properties Inactive 10-Q3 Aug 152015 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2015	Jul. 27, 2015
Entity Information [Line Items]
Entity Registrant Name	PARKWAY PROPERTIES INC
Entity Central Index Key	729,237
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Limited Voting Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		4,213,104
Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		111,558,076

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Real estate related investments:
Office and parking properties	$ 3,316,873	$ 3,333,900
Accumulated depreciation	(316,512)	(309,629)
Total real estate related investments, net	3,000,361	3,024,271
Condominium units	669	9,318
Mortgage loan receivable	3,374	3,417
Investment in unconsolidated joint ventures	53,721	55,550
Cash and cash equivalents	73,390	116,241
Receivables and other assets	279,151	285,217
Intangible assets, net	163,986	185,488
Assets held for sale	51,327	24,079
Management contract intangibles, net	756	1,133
Total assets	3,626,735	3,704,714
Liabilities
Notes payable to banks	600,000	481,500
Mortgage notes payable	1,201,806	1,339,450
Accounts payable and other liabilities	186,474	202,413
Liabilities related to assets held for sale	2,214	2,035
Total liabilities	1,990,494	2,025,398
Parkway Properties, Inc. stockholders' equity:
Common stock, $.001 par value, 215,500,000 shares authorized and 111,558,076 and 111,127,386 shares issued and outstanding in 2015 and 2014, respectively	112	111
Limited voting stock, $.001 par value, 4,500,000 authorized and 4,213,104 shares issued and outstanding	4	4
Additional paid-in capital	1,852,167	1,842,581
Accumulated other comprehensive loss	(6,635)	(6,166)
Accumulated deficit	(464,019)	(443,757)
Total Parkway Properties, Inc. stockholders' equity	1,381,629	1,392,773
Noncontrolling interests	254,612	286,543
Total equity	1,636,241	1,679,316
Total liabilities and equity	$ 3,626,735	$ 3,704,714

Consolidated Balance Sheets (U3

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Parkway Properties, Inc. stockholders' equity
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	215,500,000	215,500,000
Common stock, shares issued (in shares)	111,558,076	111,127,386
Common stock, shares outstanding (in shares)	111,558,076	111,127,386
Limited voting stock, par value (in dollars per share)	$ 0.001	$ 0.001
Limited voting stock, shares authorized (in shares)	4,500,000	4,500,000
Limited voting stock, shares issued (in shares)	4,213,104	4,213,104
Limited voting stock, shares outstanding (in shares)	4,213,104	4,213,104

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Income from office and parking properties	$ 114,252	$ 102,208	$ 231,167	$ 197,504
Management company income	2,821	5,446	5,586	11,429
Sale of condominium units	9,832	2,805	9,836	5,639
Total revenues	126,905	110,459	246,589	214,572
Expenses
Property operating expenses	43,580	40,487	88,574	77,641
Management company expenses	2,571	7,356	5,291	12,006
Cost of sales – condominium units	9,889	2,319	10,091	4,338
Depreciation and amortization	47,056	44,981	96,192	85,261
Impairment loss on real estate	4,400	0	5,400	0
General and administrative	7,747	7,757	16,631	17,169
Acquisition costs	196	489	667	1,134
Total expenses	115,439	103,389	222,846	197,549
Operating income	11,466	7,070	23,743	17,023
Other income and expenses
Interest and other income	312	463	482	832
Equity in earnings (losses) of unconsolidated joint ventures	422	(557)	584	(1,035)
Net gains on sale of real estate	45,246	0	59,562	6,289
Loss on extinguishment of debt	(4,919)	0	(4,840)	0
Interest expense	(17,676)	(17,132)	(36,874)	(32,377)
Income (loss) before income taxes	34,851	(10,156)	42,657	(9,268)
Income tax expense	(326)	(257)	(518)	(599)
Income (loss) from continuing operations	34,525	(10,413)	42,139	(9,867)
Discontinued operations:
Loss from discontinued operations	0	(50)	0	(93)
Net gains on sale of real estate from discontinued operations	0	0	0	10,463
Total discontinued operations	0	(50)	0	10,370
Net income (loss)	34,525	(10,463)	42,139	503
Net (income) loss attributable to noncontrolling interests – unit holders	(607)	571	(955)	7
Net (income) loss attributable to noncontrolling interests – real estate partnerships	(19,786)	47	(19,777)	490
Net income (loss) for Parkway Properties, Inc. and attributable to common stockholders	14,132	(9,845)	21,407	1,000
Net income (loss)	34,525	(10,463)	42,139	503
Other comprehensive income (loss)	3,635	(4,030)	412	(4,151)
Comprehensive income (loss)	38,160	(14,493)	42,551	(3,648)
Comprehensive (income) loss attributable to noncontrolling interests	(21,444)	618	(21,613)	423
Comprehensive income (loss) attributable to common stockholders	$ 16,716	$ (13,875)	$ 20,938	$ (3,225)
Basic:
Income (loss) from continuing operations attributable to Parkway Properties, Inc. (in dollars per share)	$ 0.13	$ (0.10)	$ 0.19	$ (0.09)
Discontinued operations (in dollars per share)	0	0	0	0.10
Basic net income (loss) attributable to Parkway Properties, Inc. (in dollars per share)	0.13	(0.10)	0.19	0.01
Diluted:
Income (loss) from continuing operations attributable to Parkway Properties, Inc. (in dollars per share)	0.13	(0.10)	0.19	(0.09)
Discontinued operations (in dollars per share)	0	0	0	0.10
Diluted net income (loss) attributable to Parkway Properties, Inc. (in dollars per share)	$ 0.13	$ (0.10)	$ 0.19	$ 0.01
Weighted average shares outstanding:
Basic (in shares)	111,543	99,092	111,381	98,219
Diluted (in shares)	116,666	99,092	116,638	103,619
Amounts attributable to Parkway Properties, Inc. common stockholders:
Income (loss) from continuing operations attributable to Parkway Properties, Inc.	$ 14,132	$ (9,798)	$ 21,407	$ (8,854)
Discontinued operations	0	(47)	0	9,854
Net income (loss) attributable to common stockholders	$ 14,132	$ (9,845)	$ 21,407	$ 1,000

Consolidated Statement of Chang

Consolidated Statement of Changes in Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Limited Voting Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interests
Balance at Dec. 31, 2014	$ 1,679,316	$ 111	$ 4	$ 1,842,581	$ (6,166)	$ (443,757)	$ 286,543
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	42,139					21,407	20,732
Other comprehensive income (loss)	412				(469)		881
Common dividends declared – $0.375 per share	(43,561)					(41,669)	(1,892)
Share-based compensation	3,184			3,184
Issuance of 15,690 shares to directors	275			275
Offering costs associated with the issuance of common stock	(209)			(209)
Issuance of 367,257 shares of common stock upon redemption of Operating Partnership units		1		6,336			(6,337)
Contribution of capital by noncontrolling interests	2,125						2,125
Distributions to noncontrolling interests	(47,440)						(47,440)
Balance at Jun. 30, 2015	$ 1,636,241	$ 112	$ 4	$ 1,852,167	$ (6,635)	$ (464,019)	$ 254,612

Consolidated Statement of Chan6

Consolidated Statement of Changes in Equity (Unaudited) (Parenthetical) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Statement of Stockholders' Equity [Abstract]
Common dividends declared per share (in dollars per share)	$ 0.375
Issuance of shares of common stock (in shares)	367,257
Shares issued to Directors (in shares)	15,690

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net income	$ 42,139	$ 503
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	96,192	85,261
Depreciation and amortization – discontinued operations	0	116
Amortization of below market leases, net	(8,620)	(5,074)
Amortization of financing costs	1,624	1,740
Amortization of debt premium, net	(5,908)	(2,678)
Non-cash adjustment for interest rate swaps	205	121
Share-based compensation expense	3,459	5,294
Deferred income tax benefit	(401)	0
Net gains on sale of real estate	(59,562)	(6,289)
Net gains on sale of real estate – discontinued operations	0	(10,463)
Impairment loss on real estate	5,400	0
Loss on extinguishment of debt	4,840	0
Equity in (earnings) losses of unconsolidated joint ventures	(584)	1,035
Distributions of income from unconsolidated joint ventures	1,990	0
Change in deferred leasing costs	(7,780)	3,783
Changes in operating assets and liabilities:
Change in condominium units	8,649	3,472
Change in receivables and other assets	(10,061)	(33,963)
Change in accounts payable and other liabilities	(16,930)	(24,257)
Net cash provided by operating activities	54,652	18,601
Investing activities
Proceeds from mortgage loan receivable	43	43
Investment in unconsolidated joint ventures	(2,649)	(3,536)
Distributions of capital from unconsolidated joint ventures	3,021	3,333
Investment in real estate	(145,386)	(175,611)
Proceeds from sale of real estate	198,004	51,080
Real estate development	(20,983)	(1,544)
Improvements to real estate	(20,833)	(25,055)
Net cash provided by (used in) investing activities	11,217	(151,290)
Financing activities
Principal payments on mortgage notes payable	(145,989)	(39,396)
Proceeds from mortgage notes payable	10,769	0
Proceeds from bank borrowings	454,850	158,468
Payments on bank borrowings	(336,350)	(84,468)
Debt financing costs	(2,739)	(4,046)
Dividends paid on common stock	(41,845)	(37,189)
Dividends paid on common units of Operating Partnership	(1,892)	(1,951)
Acquisition of noncontrolling interests	0	(43,502)
Contributions from noncontrolling interest partners	2,125	459
Distributions to noncontrolling interest partners	(47,440)	0
Proceeds from stock offerings, net of offering costs	0	208,429
Payments of offering costs associated with the issuance of common stock	(209)	0
Net cash provided by (used in) financing activities	(108,720)	156,804
Change in cash and cash equivalents	(42,851)	24,115
Cash and cash equivalents at beginning of period	116,241	58,678
Cash and cash equivalents at end of period	73,390	82,793
Supplemental cash flow information:
Cash paid for interest	41,629	33,456
Cash paid for income taxes	940	709
Supplemental schedule of non-cash investing and financing activity:
Assumption of debt from acquisition of One Orlando Centre	0	55,967
Operating Partnership units converted to common stock	6,337	0
Issuance of Operating Partnership units	0	1,546
Transfer of assets classified as held for sale, net	27,248	0
Transfer of liabilities classified as held for sale, net	$ 179	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Parkway Properties, Inc. (the “Company") is a fully integrated, self-administered and self-managed real estate investment trust ("REIT") specializing in the acquisition, ownership, development and management of quality office and parking properties in high-growth submarkets in the Sunbelt region of the United States. At July 1, 2015 , the Company owned or had an interest in a portfolio of 44 office and parking properties located in seven states with an aggregate of approximately 16.2 million square feet of leasable space. The Company offers fee-based real estate services through its wholly owned subsidiaries, which in total managed and/or leased approximately 4.2 million square feet for third-party property owners at July 1, 2015 . Unless otherwise indicated, all references to square feet represent net rentable area. The Company is the sole, indirect general partner of Parkway Properties LP, (the "Operating Partnership" or "Parkway LP") and, as of June 30, 2015 , owned a 95.9% interest in the Operating Partnership. The remaining 4.1% interest consists of common units of limited partnership interest issued by the Operating Partnership to limited partners in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Company has full and complete authority over the Operating Partnership’s day-to-day operations and management. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. The other partners' equity interests in the consolidated joint ventures are reflected as noncontrolling interests in the consolidated financial statements. The Company also consolidates subsidiaries where the entity is a variable interest entity ("VIE") and it is the primary beneficiary and 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. At June 30, 2015 and December 31, 2014, the Company did not have any VIEs that required consolidation. All significant intercompany transactions and accounts have been eliminated in the accompanying financial statements. The Company consolidates certain joint ventures where it exercises control over major operating and management decisions, or where the Company is the sole general partner and the limited partners do not possess kick-out rights or other substantive participating rights. 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. The investments are reviewed for impairment when indicators of impairment exist. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The preparation of financial statements in conformity with United States generally accepted accounting principles ("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 periods. Actual results could differ from these estimates. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 . These financial statements should be read in conjunction with the 2014 annual report on Form 10-K and the audited financial statements included therein and the notes thereto. The balance sheet at December 31, 2014 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. Reclassifications Certain reclassifications have been made in the 2014 consolidated financial statements to conform to the 2015 classifications with no impact on previously reported net income or equity. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." This update was initiated in a joint project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards that would: (1) remove inconsistencies and weaknesses in revenue requirements; (2) provide a more robust framework for addressing revenue issues; (3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; (4) provide more useful information to users of financial statements through improved disclosure requirements; and (5) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The core principle of the guidance 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 and services. This update was initially effective for interim and annual reporting periods beginning after December 15, 2016, and early application was not permitted. In 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date with early adoption of the standard permitted, but not before the original effective date of December 15, 2016. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most recent period presented in the financial statements. The Company is currently assessing this guidance for future implementation. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items," (“ASU 2015-01”). ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods. The adoption of ASU 2015-01 is not expected to have a material effect on the Company’s consolidated financial statements. In February 2015, the FASB issued new consolidation guidance which makes changes to both the variable interest model and the voting model. The new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording either a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. Retrospective application of the guidance set forth in this update is required, and as such, once effective, will result in a reclassification of the deferred financing costs currently recorded in receivables and other assets within the consolidated balance sheet to a direct deduction from the carrying amount of long-term debt within total liabilities.

Investment in Office Properties

Investment in Office Properties and Parking Properties	6 Months Ended
Investment in Office Properties and Parking Properties	Jun. 30, 2015
Business Combinations [Abstract]
Investment in Office and Parking Properties	Investment in Office and Parking Properties Included in investment in office and parking properties at June 30, 2015 are 42 office and parking properties located in seven states. 2015 Acquisitions On January 8, 2015, the Company acquired One Buckhead Plaza, an office building located in the Buckhead submarket of Atlanta, Georgia, for a gross purchase price of $157.0 million . The aggregate preliminary purchase price allocation related to tangible and intangible assets and liabilities based on Level 2 and Level 3 inputs for One Buckhead Plaza is as follows (in thousands): Amount Land $ 20,600 Buildings 124,634 Tenant improvements 5,562 Lease commissions 5,326 Lease in place value 7,143 Above market leases 1,764 Below market leases (8,029 ) The allocation of the purchase price was based on preliminary estimates and is subject to change within the measurement period as valuations are finalized. The Company's unaudited pro forma results of operations after giving effect to the purchase of One Buckhead Plaza as if the purchase had occurred on January 1, 2014 is as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 126,905 $ 114,634 $ 246,960 $ 222,725 Net income (loss) attributable to common stockholders $ 14,132 $ (9,106 ) $ 21,454 $ 2,032 Basic net income (loss) attributable to common stockholders per share $ 0.13 $ (0.09 ) $ 0.19 $ 0.02 Diluted net income (loss) attributable to common stockholders per share $ 0.13 $ (0.09 ) $ 0.19 $ 0.02 Summary of Dispositions On January 15, 2015, the Company sold the Raymond James Tower, an office property located in Memphis, Tennessee, for a gross sale price of $19.3 million , providing $8.9 million in buyer credits, and recognized a loss of approximately $117,000 in continuing operations during the six months ended June 30, 2015 . On February 4, 2015, the Company sold the Honeywell Building, an office property located in Houston, Texas, for a gross sale price of $28.0 million , and recognized a gain of approximately $14.3 million in continuing operations during the six months ended June 30, 2015 . On April 8, 2015, Parkway Properties Office Fund II L.P. ("Fund II") sold Two Ravinia Drive, an office property located in Atlanta, Georgia, for a gross sale price of $78.0 million , and recognized a gain of approximately $29.0 million in continuing operations during the six months ended June 30, 2015 , of which $8.7 million was the Company's share. For a discussion of Fund II's paydown of the mortgage debt secured by Two Ravinia Drive, see "Note 5 – Capital and Financing Transactions – Mortgage Notes Payable". On May 8, 2015, the Company sold 400 North Belt, an office property located in Houston, Texas, for a gross sale price of $10.2 million , and recognized a loss of approximately $1.2 million in continuing operations during the six months ended June 30, 2015 . On May 13, 2015, the Company sold Peachtree Dunwoody, an office property located in Atlanta, Georgia, for a gross sale price of $53.9 million , and recognized a gain of approximately $14.4 million in continuing operations during the six months ended June 30, 2015 . On June 5, 2015, the Company sold Hillsboro I-IV and V, office properties located in Ft. Lauderdale, Florida, for a gross sale price of $22.0 million and recognized a gain of approximately $2.5 million in continuing operations during the six months ended June 30, 2015 . On June 12, 2015, the Company sold Riverplace South, an office property located in Jacksonville, Florida, for a gross sale price of $9.0 million , and recognized a gain of approximately $429,000 in continuing operations during the six months ended June 30, 2015. Properties Held for Sale On March 20, 2015, the Company entered into a purchase and sale agreement to sell City Centre located in Jackson, Mississippi for a gross sale price of $6.2 million . The Company expects to close the sale during the fourth quarter of 2015, subject to customary closing conditions. As of June 30, 2015, the Company recorded assets held for sale and liabilities held for sale related to this property of $6.2 million and $420,000 , respectively. The Company recognized an impairment loss on real estate of $1.0 million during the six months ended June 30, 2015 . On May 22, 2015, the Company entered into a purchase and sale agreement to sell Westshore Corporate Center and Cypress Center I-III, office properties located in Tampa, Florida, and Cypress Center IV, a parcel of land also located in Tampa, Florida, for a gross sale price of $66.0 million . As of June 30, 2015, the Company recorded assets held for sale and liabilities held for sale related to these properties of $45.1 million and $1.8 million , respectively. The Company sold the properties on July 7, 2015 and expects to record a gain on sale of real estate during the third quarter of 2015. Impairment During the three months ended June 30, 2015 , utilizing Level 2 fair value inputs, including its purchase and sale agreement dated July 24, 2015, the Company determined the carrying value of 550 Greens Parkway in Houston, Texas, an asset held for use, was not recoverable. As a result, the Company recognized an impairment loss on real estate of $4.4 million for the difference between carrying value and fair value. See "Note 13 — Subsequent Events."

Mortgage Loan Receivable

Mortgage Loan Receivable	6 Months Ended
Mortgage Loan Receivable	Jun. 30, 2015
Receivables [Abstract]
Mortgage Loan Receivable	Mortgage Loan Receivable On June 3, 2013, the Company issued a first mortgage loan to an affiliate of US Airways, which is secured by the US Airways Building, an office building located in Phoenix, Arizona in which the Company owns a 74.6% interest, with US Airways owning the remaining 25.4% interest in the building. The $3.4 million mortgage loan has a fixed interest rate of 3.0% and matures on December 31, 2016.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
Investment in Unconsolidated Joint Ventures	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures In addition to the 42 office and parking properties included in the consolidated financial statements, the Company was also invested in two unconsolidated joint ventures with unrelated investors as of June 30, 2015 . Accordingly, the assets and liabilities of the joint ventures are not included on the Company's consolidated balance sheets at June 30, 2015 and December 31, 2014 . Information relating to these unconsolidated joint ventures is summarized below (dollars in thousands): Joint Venture Entity Location Parkway's Ownership% Number of Properties Investment Balance at June 30, 2015 Investment Balance at December 31, 2014 US Airways Building Tenancy in Common ("US Airways Building") Phoenix, AZ 74.58% 1 $ 39,129 $ 39,760 7000 Central Park JV LLC ("7000 Central Park") Atlanta, GA 40.00% 1 14,592 15,790 2 $ 53,721 $ 55,550 The following table summarizes the balance sheets of the unconsolidated joint ventures at June 30, 2015 (in thousands): US Airways Building 7000 Central Park Total Cash $ 144 $ 1,451 $ 1,595 Restricted cash — 274 274 Real estate, net 46,859 49,017 95,876 Intangible assets, net 2,401 1,643 4,044 Receivables and other assets 3,437 4,326 7,763 Total assets $ 52,841 $ 56,711 $ 109,552 Mortgage debt $ 13,273 $ 33,000 $ 46,273 Other liabilities 379 1,871 2,250 Partners' equity 39,189 21,840 61,029 Total liabilities and partners' equity $ 52,841 $ 56,711 $ 109,552 The following table summarizes the balance sheets of the unconsolidated joint ventures at December 31, 2014 (in thousands): US Airways Building 7000 Central Park Total Cash $ 146 $ 1,218 $ 1,364 Restricted cash — 269 269 Real estate, net 47,632 48,532 96,164 Intangible assets, net 2,537 2,695 5,232 Receivables and other assets 3,365 3,561 6,926 Total assets $ 53,680 $ 56,275 $ 109,955 Mortgage debt $ 13,441 $ 30,000 $ 43,441 Other liabilities 370 1,561 1,931 Partners' equity 39,869 24,714 64,583 Total liabilities and partners' equity $ 53,680 $ 56,275 $ 109,955 The following table summarizes the statements of operations of the unconsolidated joint ventures for the three months ended June 30, 2015 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 1,126 $ 2,041 $ — $ 3,167 Operating expenses — 949 — 949 Depreciation and amortization 522 1,142 — 1,664 Operating income (loss) before interest 604 (50 ) — 554 Interest expense 101 150 — 251 Loan cost amortization — 41 — 41 Net income (loss) $ 503 $ (241 ) $ — $ 262 (1) The Company previously owned an indirect interest in PKY/CalSTRS Austin, LLC (the "Austin Joint Venture"), a joint venture with the California State Teachers' Retirement System ("CalSTRS"). The Company terminated the Austin Joint Venture on November 17, 2014. The following table summarizes the statements of operations of the unconsolidated joint ventures for the six months ended June 30, 2015 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 2,252 $ 3,882 $ — $ 6,134 Operating expenses — 1,983 — 1,983 Depreciation and amortization 1,044 2,771 — 3,815 Operating income (loss) before interest 1,208 (872 ) — 336 Interest expense 202 298 — 500 Loan cost amortization — 84 — 84 Net income (loss) $ 1,006 $ (1,254 ) $ — $ (248 ) (1) The Company previously owned an indirect interest in the Austin Joint Venture. The Company terminated the Austin Joint Venture on November 17, 2014. The following table summarizes the statements of operations of the unconsolidated joint ventures for the three months ended June 30, 2014 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 1,126 $ 1,921 $ 24,435 $ 27,482 Operating expenses — 1,023 9,807 10,830 Depreciation and amortization 522 1,181 9,214 10,917 Operating income (loss) before interest 604 (283 ) 5,414 5,735 Interest expense 103 148 9,579 9,830 Loan cost amortization — 57 (161 ) (104 ) Other expenses — — 1 1 Net income (loss) $ 501 $ (488 ) $ (4,005 ) $ (3,992 ) (1) The Company previously owned an indirect interest in the Austin Joint Venture. The Company terminated the Austin Joint Venture on November 17, 2014. The following table summarizes the statements of operations of the unconsolidated joint ventures for the six months ended June 30, 2014 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 2,252 $ 3,769 $ 48,578 $ 54,599 Operating expenses — 1,873 19,664 21,537 Depreciation and amortization 1,044 2,293 19,164 22,501 Operating income (loss) before interest 1,208 (397 ) 9,750 10,561 Interest expense 207 63 19,064 19,334 Loan cost amortization — 106 (322 ) (216 ) Other expenses — — 1 1 Net income (loss) $ 1,001 $ (566 ) $ (8,993 ) $ (8,558 ) (1) The Company previously owned an indirect interest in the Austin Joint Venture. The Company terminated the Austin Joint Venture on November 17, 2014. On December 19, 2013, the Company acquired Thomas Properties Group, Inc.'s ("TPGI") interest in the Austin Joint Venture in connection with the merger transactions (the "Mergers") with TPGI. The Company and Madison International Realty ("Madison") owned a 50% interest in the joint venture with CalSTRS, of which the Company's ownership interest was 33% . On January 24, 2014, pursuant to a put right held by Madison, the Company purchased Madison’s approximately 17% interest in the Austin Joint Venture for a purchase price of approximately $41.5 million . On February 10, 2014, pursuant to an agreement entered into between CalSTRS and the Company, CalSTRS exercised an option to purchase 60% of Madison's former interest on the same terms as the Company for approximately $24.9 million . After giving effect to these transactions, the Company had a 40% interest in the CalSTRS joint venture and the Austin properties, with CalSTRS owning the remaining 60% and the Company recorded a gain on sale of real estate of approximately $6.3 million during the six months ended June 30, 2014 .

Capital and Financing Transacti

Capital and Financing Transactions	6 Months Ended
Capital and Financing Transactions	Jun. 30, 2015
Capital and Financing Transactions [Abstract]
Capital and Financing Transactions	Capital and Financing Transactions Notes Payable to Banks At June 30, 2015 and December 31, 2014 , the Company had $600.0 million and $481.5 million outstanding, respectively, under the following credit facilities (in thousands): Credit Facilities Interest Rate Initial Maturity Outstanding Balance at June 30, 2015 Outstanding Balance at December 31, 2014 $10.0 Million Working Capital Revolving Credit Facility 1.7% 03/30/2018 $ — $ — $450.0 Million Revolving Credit Facility 1.5% 03/30/2018 50,000 131,500 $250.0 Million Five-Year Term Loan 2.6% 03/29/2019 250,000 250,000 $200.0 Million Five-Year Term Loan 1.5% 06/26/2020 200,000 — $100.0 Million Seven-Year Term Loan 4.4% 03/31/2021 100,000 100,000 $ 600,000 $ 481,500 On January 27, 2015, the Company exercised the accordion feature under its senior unsecured revolving credit facility to increase the facility by $200.0 million to $450.0 million . All other terms and covenants associated with the senior unsecured revolving credit facility remained unchanged as a result of the increase. On June 26, 2015, the Company entered into a term loan agreement for a $200.0 million five -year unsecured term loan. The unsecured term loan has a maturity date of June 26, 2020, and has an accordion feature that allows for an increase in the size of the unsecured term loan to as much as $400.0 million . Interest on the unsecured term loan is based on LIBOR plus an applicable margin of 0.90% to 1.75% depending on overall Company leverage (with the current rate set at 1.35% ). The unsecured term loan has substantially the same operating and financial covenants as required by the Company's $450.0 million senior unsecured revolving credit facility. The senior unsecured revolving credit facility and unsecured term loans bear interest at LIBOR plus an applicable margin. As a result of the investment grade credit ratings the Company received in January 2015 from S&P and Moody's, the Company has changed to a different pricing grid under its existing credit agreement that is based on the Company's most recent credit rating. The new applicable margin for the senior unsecured revolving credit facility is currently 1.30% resulting in an all-in rate of 1.54% . The new applicable margin for the $250.0 million five -year unsecured term loan is currently 1.40% resulting in a weighted average all-in rate of 2.56% , after giving effect to the floating-to-fixed-rate interest rate swaps. The new applicable margin for the $100.0 million seven -year unsecured term loan is currently 1.85% , resulting in an all-in rate of 4.41% , after accounting for the floating-to-fixed-rate interest rate swap. Mortgage Notes Payable Mortgage notes payable at June 30, 2015 totaled $1.2 billion , including unamortized net premiums on debt acquired of $21.9 million , with a weighted average interest rate of 4.2% . On March 5, 2015, the Company extinguished the mortgage note payable associated with Westshore Corporate Center. The balance at the date of payoff was approximately $14.0 million . The Company recognized a gain on extinguishment of debt of approximately $79,000 . On April 3, 2015, the Company paid in full the $68.0 million Teachers Insurance and Annuity Associations mortgage debt secured by Hillsboro I-IV and V, Peachtree Dunwoody, One Commerce Green and the Comerica Bank Building and incurred a $3.0 million prepayment fee as part of the repayments. On April 6, 2015, the Company paid in full the $31.9 million first mortgage secured by 3350 Peachtree and incurred a $319,000 prepayment fee as part of the repayment. On April 8, 2015, Fund II paid in full the $22.1 million mortgage debt secured by Two Ravinia Drive and incurred a prepayment fee and swap early termination fee of $1.8 million as part of the repayment, of which $525,000 was the Company's share. Fund II drew approximately $10.8 million on its construction loan secured by the Hayden Ferry Lakeside III development in the Tempe submarket of Phoenix, Arizona during the six months ended June 30, 2015 . As of June 30, 2015 , the balance of the construction loan payable was approximately $11.3 million . Interest Rate Swaps The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in Accumulated Other Comprehensive Income (Loss) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2015, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. See "Note 6 — Fair Values of Financial Instruments," for the fair value of the Company's derivative financial instruments as well as their classification on the Company's consolidated balance sheets as of June 30, 2015 and December 31, 2014 . Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings. Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Operations and Comprehensive Income (Loss) The table below presents the effect of the Company's derivative financial instruments on the Company's consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 (in thousands): Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Amount of gain (loss) recognized in other comprehensive income on derivatives $ 680 $ (6,341 ) $ (4,425 ) $ (7,874 ) Net loss reclassified from accumulated other comprehensive loss into earnings $ 1,734 $ 2,114 $ 3,592 $ 3,526 Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ 1,221 $ 197 $ 1,245 $ 197 Credit Risk-Related Contingent Features The Company has entered into agreements with each of its derivative counterparties that provide that if the Company defaults or is capable of being declared in default on any of its indebtedness, the Company could also be declared in default on its derivative obligations. As of June 30, 2015 , the fair value of derivatives in a liability position including accrued interest but excluding any adjustment for nonperformance risk related to these agreements was $9.9 million . As of June 30, 2015 , the Company has not posted any collateral related to these agreements and was not in default under any of its derivative obligations. If the Company had been in default under any of its derivative obligations, it could have been required to settle its obligations under the agreements with its derivative counterparties at their aggregate termination value of $9.5 million at June 30, 2015 .

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
Fair Values of Financial Instruments	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Values of Financial Instruments	Fair Values of Financial Instruments FASB ASC 820, "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). Assets and liabilities disclosed at fair value on a recurring basis were as follows (in thousands): As of June 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 73,390 $ 73,390 $ 116,241 $ 116,241 Mortgage loan receivable 3,374 3,374 3,417 3,417 Interest rate swap agreements 434 434 1,131 1,131 Financial Liabilities: Mortgage notes payable $ 1,201,806 $ 1,206,540 $ 1,339,450 $ 1,327,637 Notes payable to banks 600,000 598,459 481,500 477,967 Interest rate swap agreements 9,927 9,927 11,077 11,077 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 amounts for cash and cash equivalents approximate fair value. Mortgage loan receivable: The carrying amount for mortgage loan receivable approximates fair value. Interest rate swap agreements: The fair value of the interest rate swaps is determined by estimating the expected cash flows over the life of the swap using the mid-market rate and price environment as of the last trading day of the reporting period. 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 using discounted cash flow analysis, based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. This information is considered a Level 2 input as defined by ASC 820. 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. 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; (2) impairment or disposal of long-lived assets measured at fair value; and (3) equity method investments or cost method investments measured at fair value due to an impairment. The fair values assigned to the Company's purchase price allocations 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.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
Net Income (Loss) Per Common Share	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share Basic earnings per share ("EPS") is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the period. In arriving at net income attributable to common stockholders, preferred stock dividends, if any, are deducted. Diluted EPS reflects the potential dilution that could occur if share equivalents such as Operating Partnership units, employee stock options, restricted share units ("RSUs"), restricted shares, deferred incentive share units and profits interest units ("LTIP units") were exercised or converted into common stock that then shared in the earnings of the Company. The computation of diluted EPS is as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Basic net income (loss) attributable to common stockholders $ 14,132 $ (9,845 ) $ 21,407 $ 1,000 Effect of net income (loss) attributable to noncontrolling interests - unit holders 607 (571 ) 955 (7 ) Diluted net income (loss) attributable to common stockholders $ 14,739 $ (10,416 ) $ 22,362 $ 993 Denominator: Basic weighted average shares outstanding 111,543 99,092 111,381 98,219 Effect of Operating Partnership units 4,833 — 4,973 5,200 Effect of RSUs 198 — 194 138 Effect of restricted shares 5 — 5 13 Effect of deferred incentive share units 4 — 5 10 Effect of LTIP units 83 — 80 39 Diluted adjusted weighted average shares outstanding 116,666 99,092 116,638 103,619 Basic and diluted net income (loss) per share attributable to Parkway Properties, Inc. $ 0.13 $ (0.10 ) $ 0.19 $ 0.01 The computation of diluted EPS for the three and six months ended June 30, 2015, and six months ended June 30, 2014 , does not include the effect of employee stock options as their inclusion would have been anti-dilutive. The computation of diluted EPS for the three months ended June 30, 2014 does not include the effect of Operating Partnership units, employee stock options, RSUs, restricted shares, deferred incentive share units and LTIP units, as their inclusion would have been anti-dilutive. Terms and conditions of these awards are described in "Note 11 – Share-Based and Long-Term Compensation Plans."

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
Noncontrolling Interests	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests The Company has an interest in two joint ventures that are included in its consolidated financial statements: Fund II assets and the Murano residential condominium project. Other noncontrolling interests include interests in the Company's Operating Partnership that represent common Operating Partnership units that are not owned by the Company. Fund II The following represents detailed information on the Fund II assets as of June 30, 2015 : Property Name Location Company's Ownership % Hayden Ferry Lakeside I Phoenix, AZ 30.0% Hayden Ferry Lakeside II Phoenix, AZ 30.0% Hayden Ferry Lakeside III Phoenix, AZ 70.0% Hayden Ferry Lakeside IV and adjacent garage Phoenix, AZ 30.0% 245 Riverside (1) Jacksonville, FL 30.0% 3344 Peachtree Atlanta, GA 33.0% Two Liberty Place Philadelphia, PA 19.0% (1) On July 17, 2015, the Company sold 245 Riverside. See "Note 13 – Subsequent Events." Fund II, a $750.0 million discretionary fund, was formed on May 14, 2008 and was fully invested at February 10, 2012. Fund II was structured such that The Teacher Retirement System of Texas ("TRST") was a 70% investor and the Company was a 30% investor in the fund, with an original target capital structure of approximately $375.0 million of equity capital and $375.0 million of non-recourse, fixed-rate first mortgage debt. Fund II acquired 13 properties in Atlanta, Georgia; Charlotte, North Carolina; Phoenix, Arizona; Jacksonville, Orlando and Tampa, Florida; and Philadelphia, Pennsylvania. In August 2012, Fund II increased its investment capacity by $20.0 million to purchase Hayden Ferry Lakeside III, IV and V, a 2,500 space parking garage, an office property and a vacant parcel of development land, all adjacent to Hayden Ferry Lakeside I and Hayden Ferry Lakeside II in Phoenix, Arizona. In August 2013, Fund II expanded its investment guidelines solely for the purpose of authorizing the purchase of a parcel of land available for development in Tempe, Arizona. In April 2014, Fund II authorized the development of Hayden Ferry Lakeside III, as well as the transfer of an interest in the owner of Hayden Ferry Lakeside III, a subsidiary of Fund II, to the Operating Partnership, such that the Company owns a 70% indirect interest in Hayden Ferry Lakeside III. The Company serves as the general partner of Fund II and provides asset management, property management, leasing and construction management services to the fund, for which it is paid fees. Cash is distributed by Fund II pro rata to each partner until a 9% annual cumulative preferred return is received and invested capital is returned. Thereafter, 56% will be distributed to TRST and 44% to the Company. The term of Fund II is seven years from the date the fund was fully invested, or until February 2019, with provisions to extend the term for two additional one -year periods at the Company's discretion. On April 8, 2015, Fund II sold Two Ravinia Drive, an office property located in Atlanta, Georgia, for a gross sale price of $78.0 million , and recognized a gain of approximately $29.0 million in continuing operations during the six months ended June 30, 2015 , of which $8.7 million was the Company's share. For a discussion of Fund II's paydown of the mortgage debt secured by Two Ravinia Drive, see "Note 5 – Capital and Financing Transactions – Mortgage Notes Payable". Murano Residential Condominium Project The Company also consolidates its Murano residential condominium project which it controls. The Company's unaffiliated partner's interest is reflected on the Company's consolidated balance sheets under the "Noncontrolling Interests" caption. The Company's partner has an ownership interest of 27% . Net proceeds from the project will be distributed, to the extent available, based on an order of preferences described in the partnership agreement. The Company may receive distributions, if any, in excess of its 73% ownership interest if certain return thresholds are met. Other Noncontrolling Interests The Company’s interest in its properties is held through the Operating Partnership. All decisions relating to the operations and distributions of the Operating Partnership are made by the Company, which serves indirectly as the sole general partner of the Operating Partnership. The Company owns a 95.9% interest in the Operating Partnership at June 30, 2015 . Noncontrolling interests in the Operating Partnership represents common Operating Partnership units that are not owned by the Company. Interests in the Operating Partnership are owned by limited partners who contributed properties and other assets to the Operating Partnership in exchange for common Operating Partnership units as part of merger and acquisition activities. Limited partners have the right under the partnership agreement of the Operating Partnership to tender their units for redemption in exchange for cash or shares of the Company’s common stock, as selected by the Company in its sole and absolute discretion. Accordingly, the Company classifies the common Operating Partnership units held by limited partners in permanent equity because the Company may elect to issue shares of its common stock to limited partners exercising their redemption rights rather than using cash. Noncontrolling interests – unit holders include (a) 554,400 outstanding common units in the Operating Partnership that were issued in connection with the Company's December 2013 acquisition of Lincoln Place, an office building located in the South Beach submarket in Miami, Florida, and (b) approximately 4.3 million outstanding common units in the Operating Partnership that were issued in exchange for outstanding limited partnership interests in TPGI in connection with the Mergers. Income is allocated to noncontrolling interests based on the weighted average percentage ownership during the period.

Discontinued Operations

Discontinued Operations	6 Months Ended
Discontinued Operations	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations All current and prior period income from the following office and parking property dispositions are included in discontinued operations for the three and six months ended June 30, 2014 (in thousands). Office and Parking Properties Location Date of Sale Net Sales Price Net Book Value of Real Estate Gain on Sale 2014 Dispositions: (1) Woodbranch Building Houston, TX 01/14/2014 $ 14,424 $ 4,450 $ 9,974 Mesa Corporate Center Phoenix, AZ 01/31/2014 12,257 11,768 489 $ 26,681 $ 16,218 $ 10,463 (1) With the adoption of ASU 2014-08, "Reporting Discontinued Operations and Disposals of Components of an Entity" effective January 1, 2014, the Company's 2014 sales of the Woodbranch Building and Mesa Corporate Center are included in discontinued operations for the six months ended June 30, 2014 as these properties were previously classified as held for sale at December 31, 2013. The amount of revenues and expenses for these office and parking properties reported in discontinued operations for the three and six months ended June 30, 2015 and 2014 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Statements of Operations: Revenues Income from office and parking properties $ — $ 1 $ — $ 206 Expenses Operating expenses — 51 — 183 Depreciation and amortization — — — 116 Total expenses — 51 — 299 Loss from discontinued operations — (50 ) — (93 ) Net gains on sale of real estate from discontinued operations — — — 10,463 Total discontinued operations per Statements of Operations — (50 ) — 10,370 Net (income) loss attributable to noncontrolling interest from discontinued operations - unit holders — 3 — (516 ) Total discontinued operations - Company's share $ — $ (47 ) $ — $ 9,854

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company elected to be taxed as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"). In January 1998, the Company completed its reorganization into an UPREIT structure under which substantially all of the Company’s real estate assets are owned by the Operating Partnership. Presently, substantially all interests in the Operating Partnership are owned by the Company and a wholly owned subsidiary. As a REIT, the Company generally will not be subject to corporate level federal income tax on taxable income it distributes to the Company's stockholders. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its adjusted taxable income to its stockholders. In addition, the Company has elected to treat certain consolidated subsidiaries as taxable REIT subsidiaries, which are tax paying entities for income tax purposes and are taxed separately from the Company. Taxable REIT subsidiaries may participate in non-real estate related activities and/or perform non-customary services for customers and are subject to federal and state income tax at regular corporate tax rates. The Operating Partnership, which is a pass-through entity, generally is not subject to federal and state income taxes, as all of the taxable income, gains, losses, and deductions are passed through to its partners. However, the Operating Partnership and some of its subsidiaries are subject to income taxes in Texas. The Company’s provision for income taxes was $326,000 and $257,000 for the three months ended June 30, 2015 and 2014, respectively, and $518,000 and $599,000 for the six months ended June 30, 2015 and 2014, respectively.

Share-Based and Long-Term Compe

Share-Based and Long-Term Compensation Plans	6 Months Ended
Share-Based and Long-Term Compensation Plans	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based and Long-Term Compensation Plans	Share-Based and Long-Term Compensation Plans The Company grants share-based awards under the Parkway Properties, Inc. and Parkway Properties LP 2015 Omnibus Equity Incentive Plan (the "2015 Equity Plan") that was approved by the stockholders of the Company on May 14, 2015. The 2015 Equity Plan, which amends and restates the Parkway Properties, Inc. and Parkway Properties LP 2013 Omnibus Equity Incentive Plan (the "2013 Equity Plan"), permits the grant of awards with respect to a number of shares of common stock equal to the sum of (1) 2,500,000 shares, plus (2) the number of shares available for future awards under the 2013 Equity Plan, plus (3) the number of shares related to awards outstanding under the 2013 Equity Plan that terminate by expiration or forfeiture, cancellation, or otherwise without the issuance of such shares of Common Stock. The 2013 Equity Plan replaced the 2010 Omnibus Equity Incentive Plan (the "2010 Equity Plan"). Outstanding awards granted under the 2010 Equity Plan continue to be governed by the 2010 Equity Plan. All of the employees of the Company and the Operating Partnership, employees of certain subsidiaries of the Company, non-employee directors, and any consultants or advisors to the Company and the Operating Partnership are eligible to participate in the 2015 Equity Plan. The 2015 Equity Plan authorizes the following types of awards: (1) stock options, including nonstatutory stock options and incentive stock options ("ISOs"); (2) stock appreciation rights; (3) restricted shares; (4) RSUs; (5) LTIP units; (6) dividend equivalent rights; and (7) other forms of awards payable in or denominated by reference to shares of common stock. Full value awards, i.e., awards other than options and stock appreciation rights, vest over a period of three years or longer, except that any full value awards subject to performance-based vesting must become vested over a period of one year or longer. The Compensation Committee of the Board of Directors of the Company (the "Board of Directors") may waive vesting requirements upon a participant’s death, disability, retirement, or other specified termination of service or upon a change in control. Through June 30, 2015 , the Company had RSUs, LTIP units and stock options outstanding under the 2015 Equity Plan, each as described below. As of June 30, 2015 , the Company has restricted shares and deferred incentive share units outstanding under the 2010 Equity Plan, as described below. Long-Term Equity Incentives At June 30, 2015 , a total of 1,850,000 stock options had been granted to officers of the Company under the 2013 Equity Plan. Each stock option will vest in increments of 25% per year on each of the first, second, third and fourth anniversaries of the grant date, subject to the grantee's continued service. During the six months ended June 30, 2015 , 431,250 options vested and, as of June 30, 2015 , 862,500 options remain unvested. The stock options are valued at $3.6 million , which equates to an average price per option of $4.18 . At June 30, 2015 , a total of 483,183 time-vesting RSUs had been granted to officers of the Company and remain outstanding under the 2013 Equity Plan. The time-vesting RSUs are valued at $8.8 million , which equates to an average price per share of $18.13 . At June 30, 2015 , a total of 447,938 LTIP units had been granted to officers of the Company and remain outstanding under the 2015 Equity Plan and 2013 Equity Plan. LTIP units are a form of limited partnership interest issued by the Operating Partnership, and will be considered earned if, and only to the extent to which applicable total shareholder return ("TSR") performance measures are achieved during the performance period. Grant date fair values of the LTIP units are estimated and the resulting expense is recorded regardless of whether the TSR performance measures are achieved if the required service is delivered. The grant date fair values are being amortized to expense over the period from the grant date to the date at which the awards, if any, would become vested. The LTIP units are valued at $3.8 million , which equates to an average price per share of $8.58 . At June 30, 2015 , a total of 233,528 performance-vesting RSUs had been granted to officers of the Company and remain outstanding under the 2013 Equity Plan. The performance-vesting RSUs are valued at $1.9 million , which equates to an average price per share of $8.15 . Each performance-vesting RSU will vest based on the attainment of TSR performance measures during the applicable performance period, subject to the grantee's continued service. At June 30, 2015 , a total of 5,426 restricted shares had been granted to officers of the Company and remain outstanding under the 2010 Equity Plan. The restricted shares vest ratably over four years from the date of grant, with the last restricted shares vesting in January 2016. The restricted shares are valued at $75,000 , which equates to an average price per share of $13.82 . At June 30, 2015 , a total of 575 deferred incentive share units had been granted to employees of the Company and remain outstanding under the 2010 Equity Plan. The deferred incentive share units are valued at $6,000 , which equates to an average price per share of $9.86 . The deferred incentive share units vest ratably over four years from the date of grant, with the last deferred incentive share units vesting in December 2015. Total compensation expense related to restricted shares, deferred incentive share units, stock options, RSUs, and LTIP units of $3.5 million and $4.7 million was recognized in general and administrative expenses on the Company's consolidated statements of operations and comprehensive income (loss) during the six months ended June 30, 2015 and 2014 , respectively. Total compensation expense related to non-vested awards not yet recognized was $8.8 million at June 30, 2015 . The weighted average period over which this expense is expected to be recognized is approximately 1.5 years. A summary of the Company's restricted shares, deferred incentive share units, stock options, RSUs, and LTIP unit activity for the six months ended June 30, 2015 is as follows: Restricted Shares Deferred Incentive Share Units Stock Options RSUs LTIP Units # of Shares Weighted Average Grant-Date Fair Value # of Share Units Weighted Average Grant-Date Fair Value # of Options Weighted Average Grant-Date Fair Value # of Share Units Weighted Average Grant-Date Fair Value # of LTIP Units Weighted Average Grant-Date Fair Value Balance at December 31, 2014 13,769 $ 14.61 6,855 $ 16.63 1,293,750 $ 4.17 504,534 $ 16.03 300,636 $ 9.26 Granted — — — — — — 267,596 13.50 147,302 7.18 Vested / Exercised (8,343 ) 15.13 (5,745 ) 17.56 (431,250 ) 4.18 (55,419 ) 18.74 — — Forfeited — — (535 ) 13.96 — — — — — — Balance at June 30, 2015 5,426 $ 13.82 575 $ 9.86 862,500 $ 4.18 716,711 $ 14.88 447,938 $ 8.58

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On June 24, 2015, the Company paid $250,000 to TPG VI Management, LLC as payment of a quarterly monitoring fee pursuant to the Management Services Agreement dated June 5, 2012, as amended, which provides that the monitoring fee be payable entirely in cash. The monitoring fee, which is paid quarterly when the Company pays its common stock dividend, is in lieu of director fees otherwise payable to the TPG VI Pantera Holdings, L.P.–nominated members of the Board of Directors.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Summary of Pending Acquisitions On May 23, 2015, the Company reached an agreement to acquire Two Buckhead Plaza, an office building located in the Buckhead submarket of Atlanta, Georgia, for a gross purchase price of $80.0 million . The Company plans to assume the first mortgage secured by the property, which has an outstanding balance of approximately $ 52.0 million with an interest rate of 6.43% and a maturity date of October 30, 2017. Closing is expected to occur during the third quarter of 2015, subject to customary closing conditions including the successful assumption of the existing first mortgage. Summary of Pending Dispositions On July 9, 2015, the Company entered into a purchase and sale agreement to sell Comerica Bank Building located in Houston, Texas for a gross sale price of $31.4 million . The Company expects to close the sale and recognize a gain on sale of real estate during the third quarter of 2015, subject to customary closing conditions. Comerica Bank Building did not meet held for sale criteria as of June 30, 2015. On July 17, 2015, the Company sold 245 Riverside, an office property located in Jacksonville, Florida, for a gross sale price of $25.1 million and expects to recognize a gain on sale of real estate during the third quarter of 2015. 245 Riverside did not meet held for sale criteria as of June 30, 2015. On July 31, 2015, the Company sold 550 Greens Parkway, an office property located in Houston, Texas, for a gross sale price of $2.3 million . 550 Greens Parkway did not meet held for sale criteria as of June 30, 2015.

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Parkway Properties, Inc. (the “Company") is a fully integrated, self-administered and self-managed real estate investment trust ("REIT") specializing in the acquisition, ownership, development and management of quality office and parking properties in high-growth submarkets in the Sunbelt region of the United States. At July 1, 2015 , the Company owned or had an interest in a portfolio of 44 office and parking properties located in seven states with an aggregate of approximately 16.2 million square feet of leasable space. The Company offers fee-based real estate services through its wholly owned subsidiaries, which in total managed and/or leased approximately 4.2 million square feet for third-party property owners at July 1, 2015 . Unless otherwise indicated, all references to square feet represent net rentable area. The Company is the sole, indirect general partner of Parkway Properties LP, (the "Operating Partnership" or "Parkway LP") and, as of June 30, 2015 , owned a 95.9% interest in the Operating Partnership. The remaining 4.1% interest consists of common units of limited partnership interest issued by the Operating Partnership to limited partners in exchange for contributions of properties to the Operating Partnership. As the sole general partner of the Operating Partnership, the Company has full and complete authority over the Operating Partnership’s day-to-day operations and management. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include the accounts of the Company, its wholly owned subsidiaries and joint ventures in which the Company has a controlling interest. The other partners' equity interests in the consolidated joint ventures are reflected as noncontrolling interests in the consolidated financial statements. The Company also consolidates subsidiaries where the entity is a variable interest entity ("VIE") and it is the primary beneficiary and 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. At June 30, 2015 and December 31, 2014, the Company did not have any VIEs that required consolidation. All significant intercompany transactions and accounts have been eliminated in the accompanying financial statements. The Company consolidates certain joint ventures where it exercises control over major operating and management decisions, or where the Company is the sole general partner and the limited partners do not possess kick-out rights or other substantive participating rights. 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. The investments are reviewed for impairment when indicators of impairment exist. The accompanying unaudited condensed consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. All such adjustments are of a normal recurring nature. The preparation of financial statements in conformity with United States generally accepted accounting principles ("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 periods. Actual results could differ from these estimates. Operating results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 . These financial statements should be read in conjunction with the 2014 annual report on Form 10-K and the audited financial statements included therein and the notes thereto. The balance sheet at December 31, 2014 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.
Reclassifications	Reclassifications Certain reclassifications have been made in the 2014 consolidated financial statements to conform to the 2015 classifications with no impact on previously reported net income or equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers." This update was initiated in a joint project between the FASB and the International Accounting Standards Board to clarify the principles for recognizing revenue and to develop a common revenue standard for GAAP and International Financial Reporting Standards that would: (1) remove inconsistencies and weaknesses in revenue requirements; (2) provide a more robust framework for addressing revenue issues; (3) improve comparability of revenue recognition practices across entities, industries, jurisdictions, and capital markets; (4) provide more useful information to users of financial statements through improved disclosure requirements; and (5) simplify the preparation of financial statements by reducing the number of requirements to which an entity must refer. The core principle of the guidance 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 and services. This update was initially effective for interim and annual reporting periods beginning after December 15, 2016, and early application was not permitted. In 2015, the FASB deferred the effective date by one year to December 15, 2017 for annual reporting periods beginning after that date with early adoption of the standard permitted, but not before the original effective date of December 15, 2016. The standard allows for either "full retrospective" adoption, meaning the standard is applied to all of the periods presented, or "modified retrospective" adoption, meaning the standard is applied only to the most recent period presented in the financial statements. The Company is currently assessing this guidance for future implementation. In January 2015, the FASB issued ASU No. 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items," (“ASU 2015-01”). ASU 2015-01 eliminates the concept of an extraordinary item from GAAP. As a result, an entity will no longer be required to segregate extraordinary items from the results of ordinary operations, to separately present an extraordinary item on its income statement, net of tax, after income from continuing operations or to disclose income taxes and earnings-per-share data applicable to an extraordinary item. However, ASU 2015-01 will still retain the presentation and disclosure guidance for items that are unusual in nature and occur infrequently. ASU 2015-01 will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods. The adoption of ASU 2015-01 is not expected to have a material effect on the Company’s consolidated financial statements. In February 2015, the FASB issued new consolidation guidance which makes changes to both the variable interest model and the voting model. The new standard specifically eliminates the presumption in the current voting model that a general partner controls a limited partnership or similar entity unless that presumption can be overcome. Generally, only a single limited partner that is able to exercise substantive kick-out rights will consolidate. The new standard will be effective for the Company beginning on January 1, 2016 and early adoption is permitted, including adoption in an interim period. The new standard must be applied using a modified retrospective approach by recording either a cumulative-effect adjustment to equity as of the beginning of the period of adoption or retrospectively to each period presented. The Company is currently evaluating the impact of adopting the new standard on its consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, "Simplifying the Presentation of Debt Issuance Costs." This standard amends existing guidance to require the presentation of debt issuance costs in the balance sheet as a deduction from the carrying amount of the related debt liability instead of a deferred charge. It is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. Retrospective application of the guidance set forth in this update is required, and as such, once effective, will result in a reclassification of the deferred financing costs currently recorded in receivables and other assets within the consolidated balance sheet to a direct deduction from the carrying amount of long-term debt within total liabilities.
Fair Values of Financial Instruments	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 amounts for cash and cash equivalents approximate fair value. Mortgage loan receivable: The carrying amount for mortgage loan receivable approximates fair value. Interest rate swap agreements: The fair value of the interest rate swaps is determined by estimating the expected cash flows over the life of the swap using the mid-market rate and price environment as of the last trading day of the reporting period. 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 using discounted cash flow analysis, based on the Company's current incremental borrowing rates for similar types of borrowing arrangements. This information is considered a Level 2 input as defined by ASC 820. 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. 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; (2) impairment or disposal of long-lived assets measured at fair value; and (3) equity method investments or cost method investments measured at fair value due to an impairment. The fair values assigned to the Company's purchase price allocations 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.

Investment in Office Properti22

Investment in Office Properties and Parking Properties (Tables)	6 Months Ended
	Jun. 30, 2015
Business Combinations [Abstract]
Preliminary allocation of purchase price related to intangible assets and liabilities and weighted average amortization period	The aggregate preliminary purchase price allocation related to tangible and intangible assets and liabilities based on Level 2 and Level 3 inputs for One Buckhead Plaza is as follows (in thousands): Amount Land $ 20,600 Buildings 124,634 Tenant improvements 5,562 Lease commissions 5,326 Lease in place value 7,143 Above market leases 1,764 Below market leases (8,029 )
Unaudited pro forma information	The Company's unaudited pro forma results of operations after giving effect to the purchase of One Buckhead Plaza as if the purchase had occurred on January 1, 2014 is as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ 126,905 $ 114,634 $ 246,960 $ 222,725 Net income (loss) attributable to common stockholders $ 14,132 $ (9,106 ) $ 21,454 $ 2,032 Basic net income (loss) attributable to common stockholders per share $ 0.13 $ (0.09 ) $ 0.19 $ 0.02 Diluted net income (loss) attributable to common stockholders per share $ 0.13 $ (0.09 ) $ 0.19 $ 0.02

Investment in Unconsolidated 23

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
Investment in Unconsolidated Joint Ventures (Tables)	Jun. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of unconsolidated joint ventures	Information relating to these unconsolidated joint ventures is summarized below (dollars in thousands): Joint Venture Entity Location Parkway's Ownership% Number of Properties Investment Balance at June 30, 2015 Investment Balance at December 31, 2014 US Airways Building Tenancy in Common ("US Airways Building") Phoenix, AZ 74.58% 1 $ 39,129 $ 39,760 7000 Central Park JV LLC ("7000 Central Park") Atlanta, GA 40.00% 1 14,592 15,790 2 $ 53,721 $ 55,550
Schedule of equity method investments financial information	The following table summarizes the balance sheets of the unconsolidated joint ventures at June 30, 2015 (in thousands): US Airways Building 7000 Central Park Total Cash $ 144 $ 1,451 $ 1,595 Restricted cash — 274 274 Real estate, net 46,859 49,017 95,876 Intangible assets, net 2,401 1,643 4,044 Receivables and other assets 3,437 4,326 7,763 Total assets $ 52,841 $ 56,711 $ 109,552 Mortgage debt $ 13,273 $ 33,000 $ 46,273 Other liabilities 379 1,871 2,250 Partners' equity 39,189 21,840 61,029 Total liabilities and partners' equity $ 52,841 $ 56,711 $ 109,552 The following table summarizes the balance sheets of the unconsolidated joint ventures at December 31, 2014 (in thousands): US Airways Building 7000 Central Park Total Cash $ 146 $ 1,218 $ 1,364 Restricted cash — 269 269 Real estate, net 47,632 48,532 96,164 Intangible assets, net 2,537 2,695 5,232 Receivables and other assets 3,365 3,561 6,926 Total assets $ 53,680 $ 56,275 $ 109,955 Mortgage debt $ 13,441 $ 30,000 $ 43,441 Other liabilities 370 1,561 1,931 Partners' equity 39,869 24,714 64,583 Total liabilities and partners' equity $ 53,680 $ 56,275 $ 109,955 The following table summarizes the statements of operations of the unconsolidated joint ventures for the three months ended June 30, 2015 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 1,126 $ 2,041 $ — $ 3,167 Operating expenses — 949 — 949 Depreciation and amortization 522 1,142 — 1,664 Operating income (loss) before interest 604 (50 ) — 554 Interest expense 101 150 — 251 Loan cost amortization — 41 — 41 Net income (loss) $ 503 $ (241 ) $ — $ 262 (1) The Company previously owned an indirect interest in PKY/CalSTRS Austin, LLC (the "Austin Joint Venture"), a joint venture with the California State Teachers' Retirement System ("CalSTRS"). The Company terminated the Austin Joint Venture on November 17, 2014. The following table summarizes the statements of operations of the unconsolidated joint ventures for the six months ended June 30, 2015 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 2,252 $ 3,882 $ — $ 6,134 Operating expenses — 1,983 — 1,983 Depreciation and amortization 1,044 2,771 — 3,815 Operating income (loss) before interest 1,208 (872 ) — 336 Interest expense 202 298 — 500 Loan cost amortization — 84 — 84 Net income (loss) $ 1,006 $ (1,254 ) $ — $ (248 ) (1) The Company previously owned an indirect interest in the Austin Joint Venture. The Company terminated the Austin Joint Venture on November 17, 2014. The following table summarizes the statements of operations of the unconsolidated joint ventures for the three months ended June 30, 2014 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 1,126 $ 1,921 $ 24,435 $ 27,482 Operating expenses — 1,023 9,807 10,830 Depreciation and amortization 522 1,181 9,214 10,917 Operating income (loss) before interest 604 (283 ) 5,414 5,735 Interest expense 103 148 9,579 9,830 Loan cost amortization — 57 (161 ) (104 ) Other expenses — — 1 1 Net income (loss) $ 501 $ (488 ) $ (4,005 ) $ (3,992 ) (1) The Company previously owned an indirect interest in the Austin Joint Venture. The Company terminated the Austin Joint Venture on November 17, 2014. The following table summarizes the statements of operations of the unconsolidated joint ventures for the six months ended June 30, 2014 (in thousands): US Airways Building 7000 Central Park Austin Joint Venture (1) Total Revenues $ 2,252 $ 3,769 $ 48,578 $ 54,599 Operating expenses — 1,873 19,664 21,537 Depreciation and amortization 1,044 2,293 19,164 22,501 Operating income (loss) before interest 1,208 (397 ) 9,750 10,561 Interest expense 207 63 19,064 19,334 Loan cost amortization — 106 (322 ) (216 ) Other expenses — — 1 1 Net income (loss) $ 1,001 $ (566 ) $ (8,993 ) $ (8,558 ) (1) The Company previously owned an indirect interest in the Austin Joint Venture. The Company terminated the Austin Joint Venture on November 17, 2014.

Capital and Financing Transac24

Capital and Financing Transactions (Tables)	6 Months Ended
Capital and Financing Transactions (Tables)	Jun. 30, 2015
Capital and Financing Transactions [Abstract]
Schedule of revolving credit facilities and term loans	At June 30, 2015 and December 31, 2014 , the Company had $600.0 million and $481.5 million outstanding, respectively, under the following credit facilities (in thousands): Credit Facilities Interest Rate Initial Maturity Outstanding Balance at June 30, 2015 Outstanding Balance at December 31, 2014 $10.0 Million Working Capital Revolving Credit Facility 1.7% 03/30/2018 $ — $ — $450.0 Million Revolving Credit Facility 1.5% 03/30/2018 50,000 131,500 $250.0 Million Five-Year Term Loan 2.6% 03/29/2019 250,000 250,000 $200.0 Million Five-Year Term Loan 1.5% 06/26/2020 200,000 — $100.0 Million Seven-Year Term Loan 4.4% 03/31/2021 100,000 100,000 $ 600,000 $ 481,500
Schedule of the effect on consolidated statements of operations and comprehensive income (loss)	The table below presents the effect of the Company's derivative financial instruments on the Company's consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 (in thousands): Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Amount of gain (loss) recognized in other comprehensive income on derivatives $ 680 $ (6,341 ) $ (4,425 ) $ (7,874 ) Net loss reclassified from accumulated other comprehensive loss into earnings $ 1,734 $ 2,114 $ 3,592 $ 3,526 Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ 1,221 $ 197 $ 1,245 $ 197

Fair Values of Financial Inst25

Fair Values of Financial Instruments (Tables)	6 Months Ended
Fair Values of Financial Instruments (Tables)	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities measured on recurring basis	Assets and liabilities disclosed at fair value on a recurring basis were as follows (in thousands): As of June 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 73,390 $ 73,390 $ 116,241 $ 116,241 Mortgage loan receivable 3,374 3,374 3,417 3,417 Interest rate swap agreements 434 434 1,131 1,131 Financial Liabilities: Mortgage notes payable $ 1,201,806 $ 1,206,540 $ 1,339,450 $ 1,327,637 Notes payable to banks 600,000 598,459 481,500 477,967 Interest rate swap agreements 9,927 9,927 11,077 11,077

Net Income (Loss) Per Common 26

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
Net Income (Loss) Per Common Share (Tables)	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of diluted earnings per share	The computation of diluted EPS is as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator: Basic net income (loss) attributable to common stockholders $ 14,132 $ (9,845 ) $ 21,407 $ 1,000 Effect of net income (loss) attributable to noncontrolling interests - unit holders 607 (571 ) 955 (7 ) Diluted net income (loss) attributable to common stockholders $ 14,739 $ (10,416 ) $ 22,362 $ 993 Denominator: Basic weighted average shares outstanding 111,543 99,092 111,381 98,219 Effect of Operating Partnership units 4,833 — 4,973 5,200 Effect of RSUs 198 — 194 138 Effect of restricted shares 5 — 5 13 Effect of deferred incentive share units 4 — 5 10 Effect of LTIP units 83 — 80 39 Diluted adjusted weighted average shares outstanding 116,666 99,092 116,638 103,619 Basic and diluted net income (loss) per share attributable to Parkway Properties, Inc. $ 0.13 $ (0.10 ) $ 0.19 $ 0.01

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	6 Months Ended
Noncontrolling Interests (Tables)	Jun. 30, 2015
Noncontrolling Interest [Abstract]
Schedule of joint venture investments	The following represents detailed information on the Fund II assets as of June 30, 2015 : Property Name Location Company's Ownership % Hayden Ferry Lakeside I Phoenix, AZ 30.0% Hayden Ferry Lakeside II Phoenix, AZ 30.0% Hayden Ferry Lakeside III Phoenix, AZ 70.0% Hayden Ferry Lakeside IV and adjacent garage Phoenix, AZ 30.0% 245 Riverside (1) Jacksonville, FL 30.0% 3344 Peachtree Atlanta, GA 33.0% Two Liberty Place Philadelphia, PA 19.0% (1) On July 17, 2015, the Company sold 245 Riverside. See "Note 13 – Subsequent Events."

Discontinued Operations (Tables

Discontinued Operations (Tables)	6 Months Ended
Discontinued Operations (Tables)	Jun. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Disposition and properties held for sale	All current and prior period income from the following office and parking property dispositions are included in discontinued operations for the three and six months ended June 30, 2014 (in thousands). Office and Parking Properties Location Date of Sale Net Sales Price Net Book Value of Real Estate Gain on Sale 2014 Dispositions: (1) Woodbranch Building Houston, TX 01/14/2014 $ 14,424 $ 4,450 $ 9,974 Mesa Corporate Center Phoenix, AZ 01/31/2014 12,257 11,768 489 $ 26,681 $ 16,218 $ 10,463 (1) With the adoption of ASU 2014-08, "Reporting Discontinued Operations and Disposals of Components of an Entity" effective January 1, 2014, the Company's 2014 sales of the Woodbranch Building and Mesa Corporate Center are included in discontinued operations for the six months ended June 30, 2014 as these properties were previously classified as held for sale at December 31, 2013. The amount of revenues and expenses for these office and parking properties reported in discontinued operations for the three and six months ended June 30, 2015 and 2014 is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Statements of Operations: Revenues Income from office and parking properties $ — $ 1 $ — $ 206 Expenses Operating expenses — 51 — 183 Depreciation and amortization — — — 116 Total expenses — 51 — 299 Loss from discontinued operations — (50 ) — (93 ) Net gains on sale of real estate from discontinued operations — — — 10,463 Total discontinued operations per Statements of Operations — (50 ) — 10,370 Net (income) loss attributable to noncontrolling interest from discontinued operations - unit holders — 3 — (516 ) Total discontinued operations - Company's share $ — $ (47 ) $ — $ 9,854

Share-Based and Long-Term Com29

Share-Based and Long-Term Compensation Plans (Tables)	6 Months Ended
Share-Based and Long-Term Compensation Plans (Tables)	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of shares activity and weighted average grant date fair value	A summary of the Company's restricted shares, deferred incentive share units, stock options, RSUs, and LTIP unit activity for the six months ended June 30, 2015 is as follows: Restricted Shares Deferred Incentive Share Units Stock Options RSUs LTIP Units # of Shares Weighted Average Grant-Date Fair Value # of Share Units Weighted Average Grant-Date Fair Value # of Options Weighted Average Grant-Date Fair Value # of Share Units Weighted Average Grant-Date Fair Value # of LTIP Units Weighted Average Grant-Date Fair Value Balance at December 31, 2014 13,769 $ 14.61 6,855 $ 16.63 1,293,750 $ 4.17 504,534 $ 16.03 300,636 $ 9.26 Granted — — — — — — 267,596 13.50 147,302 7.18 Vested / Exercised (8,343 ) 15.13 (5,745 ) 17.56 (431,250 ) 4.18 (55,419 ) 18.74 — — Forfeited — — (535 ) 13.96 — — — — — — Balance at June 30, 2015 5,426 $ 13.82 575 $ 9.86 862,500 $ 4.18 716,711 $ 14.88 447,938 $ 8.58

Basis of Presentation and Sum30

Basis of Presentation and Summary of Significant Accounting Policies (Details) ft² in Millions	Jul. 01, 2015ft²PropertyState	Jun. 30, 2015State
Entity Information [Line Items]
Number of states in which office properties located \| State		7
Percentage of noncontrolling interest in Operating Partnerships		4.10%
Subsequent Event
Entity Information [Line Items]
Number of real estate properties \| Property	44
Number of states in which office properties located \| State	7
Net rentable area (sqft)	16.2
Subsidiaries \| Subsequent Event
Entity Information [Line Items]
Net rentable area (sqft)	4.2
Parkway Properties LP
Entity Information [Line Items]
Company's Ownership %		95.90%

Investment in Office Properti31

Investment in Office Properties and Parking Properties (Details) $ in Thousands

Jan. 08, 2015USD ($)

Jun. 30, 2015USD ($)PropertyState

Jun. 30, 2014USD ($)

Jun. 30, 2015USD ($)PropertyState

Jun. 30, 2014USD ($)

Dec. 31, 2015USD ($)

Jul. 07, 2015USD ($)

Jul. 01, 2015PropertyState

Jun. 12, 2015USD ($)

Jun. 05, 2015USD ($)

May. 13, 2015USD ($)

May. 08, 2015USD ($)

Apr. 08, 2015USD ($)

Feb. 04, 2015USD ($)

Jan. 15, 2015USD ($)

Dec. 31, 2014USD ($)

Business Acquisition [Line Items]

Number of states in which office properties located | State

Gain (loss) on sale of real estate from discontinued operations

$ 0

$ 10,463

Assets held for sale

51,327

$ 24,079

Liabilities related to assets held for sale

2,214

$ 2,035

Impairment loss on real estate

$ 4,400

$ 0

$ 5,400

$ 0

Office Building

Business Acquisition [Line Items]

Number of real estate properties | Property

Office Building | One Buckhead Plaza

Business Acquisition [Line Items]

Acquisition purchase price

$ 157,000

Raymond James Tower | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 19,300

Buyer credits

$ 8,900

Gain (loss) on sale of real estate from discontinued operations

$ (117)

Honeywell | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 28,000

Gain (loss) on sale of real estate from discontinued operations

14,300

North Belt | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 10,200

Gain (loss) on sale of real estate from discontinued operations

(1,200)

Peachtree Dunwoody Pavilion | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 53,900

Gain (loss) on sale of real estate from discontinued operations

14,400

Hillsboro Center I-IV | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 22,000

Gain (loss) on sale of real estate from discontinued operations

2,500

Riverplace South | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 9,000

Gain (loss) on sale of real estate from discontinued operations

429

Parkway Properties Office Fund II, LP | Two Ravinia Drive | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 78,000

Gain (loss) on sale of real estate from discontinued operations

29,000

Parent Company | Two Ravinia Drive | Office Building

Business Acquisition [Line Items]

Gain (loss) on sale of real estate from discontinued operations

8,700

Subsequent Event

Business Acquisition [Line Items]

Number of real estate properties | Property

Number of states in which office properties located | State

Held-for-sale | City Centre | Office Building

Business Acquisition [Line Items]

Assets held for sale

$ 6,200

6,200

Liabilities related to assets held for sale

420

Impairment loss on real estate

1,000

Held-for-sale | Westshore Corporate Center and Cypress Center I-III and IV | Office Building

Business Acquisition [Line Items]

Assets held for sale

45,100

Liabilities related to assets held for sale

1,800

$ 1,800

Held-for-sale | Scenario, Forecast | City Centre | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 6,200

Held-for-sale | Subsequent Event | Westshore Corporate Center and Cypress Center I-III and IV | Office Building

Business Acquisition [Line Items]

Gross sale price

$ 66,000

Fair Value, Inputs, Level 2 | Greens Parkway

Business Acquisition [Line Items]

Impairment loss on real estate

$ 4,400

Investment in Office Properti32

Investment in Office Properties and Parking Properties - Allocation of Purchase Price (Details) - One Buckhead Plaza $ in Thousands	Jan. 08, 2015USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Land	$ 20,600
Buildings	124,634
Tenant improvements	5,562
Lease commissions	5,326
Lease in place value	7,143
Above market leases	1,764
Below market leases	$ (8,029)

Investment in Office Properti33

Investment in Office Properties and Parking Properties - Business Combination Pro Forma (Details) - One Buckhead Plaza - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Business Acquisition [Line Items]
Revenues	$ 126,905	$ 114,634	$ 246,960	$ 222,725
Net income (loss) attributable to common stockholders	$ 14,132	$ (9,106)	$ 21,454	$ 2,032
Basic net income (loss) attributable to common stockholders (in dollars per share)	$ 0.13	$ (0.09)	$ 0.19	$ 0.02
Diluted net income (loss) attributable to common stockholders (in dollars per share)	$ 0.13	$ (0.09)	$ 0.19	$ 0.02

Mortgage Loan Receivable (Detai

Mortgage Loan Receivable (Details) - USD ($) $ in Millions	Jun. 03, 2013	Jun. 30, 2015
US Airways Building
Debt Instrument [Line Items]
Interest rate on mortgage loans on real estate	3.00%
PKY W. Rio Salado, LLC \| US Airways Building
Debt Instrument [Line Items]
Mortgage secured for properties in a business acquisition	$ 3.4
Unconsolidated Properties \| US Airways Building
Debt Instrument [Line Items]
Ownership percentage in equity investments (in percent)	74.58%	74.58%
U.S. Airways \| Unconsolidated Properties \| US Airways Building
Debt Instrument [Line Items]
Company's Ownership %		25.40%

Investment in Unconsolidated 35

Investment in Unconsolidated Joint Ventures (Details) $ in Thousands	Feb. 10, 2014USD ($)	Jan. 24, 2014USD ($)	Jun. 30, 2015USD ($)PropertyEquity_Investment	Jun. 30, 2014USD ($)	Dec. 19, 2013
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures \| Equity_Investment			2
Investment in unconsolidated joint ventures			$ 2,649	$ 3,536
Gain on sale of equity investments				$ 6,300
Consolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| Property			42
Austin Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investments (in percent)					33.00%
CalSTRS Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investments (in percent)	40.00%
Additional interest acquired (in percent)		17.00%
Investment in unconsolidated joint ventures		$ 41,500
Parkway Properties Inc. and Madison International Realty \| Austin Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investments (in percent)					50.00%
CalSTRS Joint Venture \| California State Teachers’ Retirement System
Schedule of Equity Method Investments [Line Items]
Percentage of voting interest acquired (in percent)	60.00%
Payments to acquire interest in joint venture	$ 24,900
California State Teachers’ Retirement System \| CalSTRS Joint Venture
Schedule of Equity Method Investments [Line Items]
Company's Ownership %	60.00%

Investment in Unconsolidated 36

Investment in Unconsolidated Joint Ventures - Unconsolidated Joint Ventures (Details) - Unconsolidated Properties $ in Thousands	Jun. 30, 2015USD ($)Property	Dec. 31, 2014USD ($)	Jun. 03, 2013
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| Property	2
Equity method investments	$ 53,721	$ 55,550
US Airways Building
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investments (in percent)	74.58%		74.58%
Number of real estate properties \| Property	1
Equity method investments	$ 39,129	39,760
7000 Central Park JV LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage in equity investments (in percent)	40.00%
Number of real estate properties \| Property	1
Equity method investments	$ 14,592	$ 15,790

Investment in Unconsolidated 37

Investment in Unconsolidated Joint Ventures - Balance Sheet of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Real estate, net	$ 3,000,361	$ 3,024,271
Receivables and other assets	279,151	285,217
Total assets	3,626,735	3,704,714
Mortgage debt	1,201,806	1,339,450
Total liabilities and equity	3,626,735	3,704,714
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Cash	1,595	1,364
Restricted cash	274	269
Real estate, net	95,876	96,164
Intangible assets, net	4,044	5,232
Receivables and other assets	7,763	6,926
Total assets	109,552	109,955
Mortgage debt	46,273	43,441
Other liabilities	2,250	1,931
Partners' equity	61,029	64,583
Total liabilities and equity	109,552	109,955
Equity Method Investee \| US Airways Building
Schedule of Equity Method Investments [Line Items]
Cash	144	146
Restricted cash	0	0
Real estate, net	46,859	47,632
Intangible assets, net	2,401	2,537
Receivables and other assets	3,437	3,365
Total assets	52,841	53,680
Mortgage debt	13,273	13,441
Other liabilities	379	370
Partners' equity	39,189	39,869
Total liabilities and equity	52,841	53,680
Equity Method Investee \| 7000 Central Park JV LLC
Schedule of Equity Method Investments [Line Items]
Cash	1,451	1,218
Restricted cash	274	269
Real estate, net	49,017	48,532
Intangible assets, net	1,643	2,695
Receivables and other assets	4,326	3,561
Total assets	56,711	56,275
Mortgage debt	33,000	30,000
Other liabilities	1,871	1,561
Partners' equity	21,840	24,714
Total liabilities and equity	$ 56,711	$ 56,275

Investment in Unconsolidated 38

Investment in Unconsolidated Joint Ventures - Income Statement of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Schedule of Equity Method Investments [Line Items]
Operating expenses		$ 115,439	$ 103,389	$ 222,846	$ 197,549
Depreciation and amortization				96,192	85,261
Operating income		11,466	7,070	23,743	17,023
Interest expense		17,676	17,132	36,874	32,377
Loan cost amortization				1,624	1,740
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenues		3,167	27,482	6,134	54,599
Operating expenses		949	10,830	1,983	21,537
Depreciation and amortization		1,664	10,917	3,815	22,501
Operating income		554	5,735	336	10,561
Interest expense		251	9,830	500	19,334
Loan cost amortization		41	(104)	84	(216)
Other Expenses			1		1
Net income (loss)		262	(3,992)	(248)	(8,558)
Equity Method Investee \| US Airways Building
Schedule of Equity Method Investments [Line Items]
Revenues		1,126	1,126	2,252	2,252
Operating expenses		0	0	0	0
Depreciation and amortization		522	522	1,044	1,044
Operating income		604	604	1,208	1,208
Interest expense		101	103	202	207
Loan cost amortization		0	0	0	0
Other Expenses			0		0
Net income (loss)		503	501	1,006	1,001
Equity Method Investee \| 7000 Central Park JV LLC
Schedule of Equity Method Investments [Line Items]
Revenues		2,041	1,921	3,882	3,769
Operating expenses		949	1,023	1,983	1,873
Depreciation and amortization		1,142	1,181	2,771	2,293
Operating income		(50)	(283)	(872)	(397)
Interest expense		150	148	298	63
Loan cost amortization		41	57	84	106
Other Expenses			0		0
Net income (loss)		(241)	(488)	(1,254)	(566)
Equity Method Investee \| Austin Joint Venture
Schedule of Equity Method Investments [Line Items]
Revenues	[1]	0	24,435	0	48,578
Operating expenses	[1]	0	9,807	0	19,664
Depreciation and amortization	[1]	0	9,214	0	19,164
Operating income	[1]	0	5,414	0	9,750
Interest expense	[1]	0	9,579	0	19,064
Loan cost amortization	[1]	0	(161)	0	(322)
Other Expenses	[1]		1		1
Net income (loss)	[1]	$ 0	$ (4,005)	$ 0	$ (8,993)

[1]	The Company previously owned an indirect interest in PKY/CalSTRS Austin, LLC (the "Austin Joint Venture"), a joint venture with the California State Teachers' Retirement System ("CalSTRS"). The Company terminated the Austin Joint Venture on November 17, 2014.

Capital and Financing Transac39

Capital and Financing Transactions - Notes Payable (Details) - USD ($)	Jun. 26, 2015	Jan. 27, 2015	Jun. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding Balance			$ 600,000,000	$ 481,500,000
$10.0 Million Working Capital Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate			1.70%
Initial Maturity			Mar. 30, 2018
Outstanding Balance			$ 0	0
$450.0 Million Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate			1.50%
Initial Maturity			Mar. 30, 2018
Outstanding Balance			$ 50,000,000	131,500,000
$250.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Interest Rate			2.60%
Initial Maturity			Mar. 29, 2019
Outstanding Balance			$ 250,000,000	250,000,000
$200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Interest Rate			1.50%
Initial Maturity			Jun. 26, 2020
Outstanding Balance			$ 200,000,000	0
$100.0 Million Seven-Year Term Loan
Debt Instrument [Line Items]
Interest Rate			4.40%
Initial Maturity			Mar. 31, 2021
Outstanding Balance			$ 100,000,000	$ 100,000,000
Line of Credit \| $450.0 Million Revolving Credit Facility
Debt Instrument [Line Items]
Increase in maximum borrowing capacity		$ 200,000,000
Maximum borrowing capacity		$ 450,000,000
Line of Credit \| $200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 200,000,000
Term of debt instrument	5 years
Allowable maximum borrowing capacity	$ 400,000,000
Line of Credit \| Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate at period end (in percent)			1.54%
Line of Credit \| LIBOR \| $200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Line of Credit \| LIBOR \| Revolving Credit Facility
Debt Instrument [Line Items]
Variable reference rate on debt			LIBOR
Interest rate during period on debt (in percent)			1.30%
Seven-year Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Term of debt instrument			7 years
Interest rate at period end (in percent)			4.41%
Debt instrument face amount			$ 100,000,000
Seven-year Term Loan \| Unsecured Debt \| LIBOR
Debt Instrument [Line Items]
Interest rate during period on debt (in percent)			1.85%
Five-year Term Loan \| Unsecured Debt
Debt Instrument [Line Items]
Term of debt instrument			5 years
Interest rate at period end (in percent)			2.56%
Debt instrument face amount			$ 250,000,000
Five-year Term Loan \| Unsecured Debt \| LIBOR
Debt Instrument [Line Items]
Interest rate during period on debt (in percent)			1.40%
Minimum \| Line of Credit \| LIBOR \| $200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	0.90%
Maximum \| Line of Credit \| LIBOR \| $200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.75%

Capital and Financing Transac40

Capital and Financing Transactions - Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Apr. 08, 2015	Apr. 06, 2015	Apr. 03, 2015	Mar. 05, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Debt Instrument [Line Items]
Loss on extinguishment of debt					$ (4,919)	$ 0	$ (4,840)	$ 0
Repayments of secured debt							145,989	$ 39,396
Long-term construction loan					11,300		11,300
Mortgages
Debt Instrument [Line Items]
Modified mortgage loan					1,200,000		1,200,000
Unamortized premium on debt acquired					$ 21,900		$ 21,900
Effective interest rate on notes payable					4.20%		4.20%
Westshore Corporate Center \| Mortgages
Debt Instrument [Line Items]
Amount of debt extinguishment				$ 14,000
Loss on extinguishment of debt				$ 79
Hillsboro I-V, Peachtree Dunwoody, One Commerce Green and Comerica Bank Building \| Mortgages
Debt Instrument [Line Items]
Repayments of secured debt			$ 68,000
Payments of debt extinguishment costs			$ 3,000
3350 Peachtree \| Mortgages
Debt Instrument [Line Items]
Repayments of secured debt		$ 31,900
Payments of debt extinguishment costs		$ 319
Parkway Properties Office Fund II, LP \| Mortgages
Debt Instrument [Line Items]
Repayments of secured debt	$ 22,100
Payments of debt extinguishment costs	1,800
Parkway Properties Office Fund II, LP \| Hayden Ferry Lakeside III
Debt Instrument [Line Items]
Proceeds from construction loan							$ 10,800
Parent Company \| Mortgages
Debt Instrument [Line Items]
Payments of debt extinguishment costs	$ 525

Capital and Financing Transac41

Capital and Financing Transactions - Cash Flow Hedges (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Capital and Financing Transactions [Abstract]
Amount of gain (loss) recognized in other comprehensive income on derivatives	$ 680	$ (6,341)	$ (4,425)	$ (7,874)
Net loss reclassified from accumulated other comprehensive loss into earnings	1,734	2,114	3,592	3,526
Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$ 1,221	$ 197	$ 1,245	$ 197

Capital and Financing Transac42

Capital and Financing Transactions - Credit Risk-Related Contingent Features (Details) $ in Millions	Jun. 30, 2015USD ($)
Capital and Financing Transactions [Abstract]
Fair value of derivatives in net liability position	$ 9.9
Aggregate termination value	$ 9.5

Fair Values of Financial Inst43

Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Carrying Amount
Financial Assets:
Cash and cash equivalents	$ 73,390	$ 116,241
Mortgage loan receivable	3,374	3,417
Interest rate swap agreements	434	1,131
Financial Liabilities:
Mortgage notes payable	1,201,806	1,339,450
Notes payable to banks	600,000	481,500
Interest rate swap agreements	9,927	11,077
Fair Value
Financial Assets:
Cash and cash equivalents	73,390	116,241
Mortgage loan receivable	3,374	3,417
Interest rate swap agreements	434	1,131
Financial Liabilities:
Mortgage notes payable	1,206,540	1,327,637
Notes payable to banks	598,459	477,967
Interest rate swap agreements	$ 9,927	$ 11,077

Net Income (Loss) Per Common 44

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic net income (loss) attributable to common stockholders	$ 14,132	$ (9,845)	$ 21,407	$ 1,000
Effect of net income (loss) attributable to noncontrolling interests - unit holders	607	(571)	955	(7)
Diluted net income (loss) attributable to common stockholders	$ 14,739	$ (10,416)	$ 22,362	$ 993
Basic weighted average shares outstanding	111,543	99,092	111,381	98,219
Diluted adjusted weighted average shares outstanding	116,666	99,092	116,638	103,619
Basic and diluted net income (loss) per share attributable to Parkway Properties, Inc. (in dollars per share)	$ 0.13	$ (0.10)	$ 0.19	$ 0.01
Operating Partnership Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of share-based compensation (in shares)	4,833	0	4,973	5,200
Restricted Stock Units (RSUs)
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of share-based compensation (in shares)	198	0	194	138
Restricted Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of share-based compensation (in shares)	5	0	5	13
Deferred Incentive Share Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of share-based compensation (in shares)	4	0	5	10
LTIP Units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Effect of share-based compensation (in shares)	83	0	80	39

Noncontrolling Interests (Detai

Noncontrolling Interests (Details) $ in Thousands	Feb. 10, 2012USD ($)Property	Apr. 30, 2014Term-extension	Dec. 31, 2013shares	Jun. 30, 2015USD ($)Joint-venture	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)Joint-venture	Jun. 30, 2014USD ($)	Apr. 08, 2015USD ($)	Dec. 19, 2013shares	Aug. 31, 2012USD ($)parking_space	May. 14, 2008USD ($)
Real Estate Properties [Line Items]
Number of consolidated joint ventures \| Joint-venture				2		2
Increased discretionary fund capacity										$ 20,000
Net gains on sale of real estate from discontinued operations				$ 0	$ 0	$ 0	$ 10,463
Total Fund II
Real Estate Properties [Line Items]
Target value of discretionary fund											$ 750,000
Target capital structure of equity capital	$ 375,000
Target capital structure of non-recourse, fixed rate first mortgage debt	$ 375,000
Number of properties acquired \| Property	13
Cumulative preferred return threshold for pro rata cash distributions (in hundredths)		9.00%
Term of the fund		7 years
Number of term extension provisions \| Term-extension		2
Length of extension term		1 year
Total Fund II \| TRST
Real Estate Properties [Line Items]
Target ownership percentage (in percent)	70.00%
Distribution percentage to partners (in hundredths)		56.00%
Total Fund II \| Parkway
Real Estate Properties [Line Items]
Target ownership percentage (in percent)	30.00%
Distribution percentage to partners (in hundredths)		44.00%
Thomas Properties Group, Inc
Real Estate Properties [Line Items]
Number of shares outstanding common units in operating partnership \| shares									4,300,000
Parking Garage
Real Estate Properties [Line Items]
Number of parking space \| parking_space										2,500
Hayden Ferry Lakeside III
Real Estate Properties [Line Items]
Company's Ownership %		70.00%
Murano \| Condominium Project
Real Estate Properties [Line Items]
Ownership interest by noncontolling owners (in percent)				27.00%		27.00%
Property distributions prior to established return thresholds, percentage						73.00%
FLORIDA \| Office Building \| Lincoln Place
Real Estate Properties [Line Items]
Number of shares issued and outstanding common units in operating partnership \| shares			554,400
Parkway Properties LP
Real Estate Properties [Line Items]
Company's Ownership %				95.90%		95.90%
Two Ravinia Drive \| Parkway Properties Office Fund II, LP \| Office Building
Real Estate Properties [Line Items]
Gross sale price								$ 78,000
Net gains on sale of real estate from discontinued operations						$ 29,000
Two Ravinia Drive \| Parent Company \| Office Building
Real Estate Properties [Line Items]
Net gains on sale of real estate from discontinued operations						$ 8,700

Noncontrolling Interests - Fund

Noncontrolling Interests - Fund II Assets (Details) - Jun. 30, 2015		Total
Hayden Ferry Lakeside I
Noncontrolling Interest [Line Items]
Location		Phoenix, AZ
Company's Ownership %		30.00%
Hayden Ferry Lakeside II
Noncontrolling Interest [Line Items]
Location		Phoenix, AZ
Company's Ownership %		30.00%
Hayden Ferry Lakeside III
Noncontrolling Interest [Line Items]
Location		Phoenix, AZ
Company's Ownership %		70.00%
Hayden Ferry Lakeside IV and adjacent garage
Noncontrolling Interest [Line Items]
Location		Phoenix, AZ
Company's Ownership %		30.00%
245 Riverside (1)
Noncontrolling Interest [Line Items]
Location	[1]	Jacksonville, FL
Company's Ownership %	[1]	30.00%
3344 Peachtree
Noncontrolling Interest [Line Items]
Location		Atlanta, GA
Company's Ownership %		33.00%
Two Liberty Place
Noncontrolling Interest [Line Items]
Location		Philadelphia, PA
Company's Ownership %		19.00%

[1]	On July 17, 2015, the Company sold 245 Riverside. See "Note 13 – Subsequent Events."

Discontinued Operations - Incom

Discontinued Operations - Income from Office Property Disposition and Held for Sale (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Real estate, net		$ 3,000,361		$ 3,000,361		$ 3,024,271
Net gains on sale of real estate from discontinued operations		$ 0	$ 0	$ 0	$ 10,463
Woodbranch Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	[1]				Houston, TX
Date of Sale	[1]				Jan. 14, 2014
Net Sales Price	[1]		14,424		$ 14,424
Real estate, net	[1]		4,450		4,450
Net gains on sale of real estate from discontinued operations	[1]				$ 9,974
Mesa Corporate Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location	[1]				Phoenix, AZ
Date of Sale	[1]				Jan. 31, 2014
Net Sales Price	[1]		12,257		$ 12,257
Real estate, net	[1]		11,768		11,768
Net gains on sale of real estate from discontinued operations	[1]				489
2014 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Price	[1]		26,681		26,681
Real estate, net	[1]		$ 16,218		16,218
Net gains on sale of real estate from discontinued operations	[1]				$ 10,463

[1]	With the adoption of ASU 2014-08, "Reporting Discontinued Operations and Disposals of Components of an Entity" effective January 1, 2014, the Company's 2014 sales of the Woodbranch Building and Mesa Corporate Center are included in discontinued operations for the six months ended June 30, 2014 as these properties were previously classified as held for sale at December 31, 2013.

Discontinued Operations - Reven

Discontinued Operations - Revenues and Expenses in Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Discontinued Operations and Disposal Groups [Abstract]
Income from office and parking properties	$ 0	$ 1	$ 0	$ 206
Operating expenses	0	51	0	183
Depreciation and amortization	0	0	0	116
Total expenses	0	51	0	299
Loss from discontinued operations	0	(50)	0	(93)
Net gains on sale of real estate from discontinued operations	0	0	0	10,463
Total discontinued operations	0	(50)	0	10,370
Net (income) loss attributable to noncontrolling interest from discontinued operations - unit holders	0	3	0	(516)
Total discontinued operations - Company's share	$ 0	$ (47)	$ 0	$ 9,854

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Income tax expense	$ 326	$ 257	$ 518	$ 599

Share-Based and Long-Term Com50

Share-Based and Long-Term Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 14, 2015	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense		$ 3,500	$ 4,700
Non-vested awards compensation expense not yet recognized		$ 8,800
Non-vested awards compensation expense recognition period		1 year 6 months
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted for stock options		0
Weighted average price per share outstanding (dollars per share)		$ 4.18		$ 4.17
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		267,596
Weighted average price per unit outstanding (dollars per share)		$ 14.88		16.03
Profits Interest Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		147,302
Weighted average price per unit outstanding (dollars per share)		$ 8.58		9.26
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		0
Weighted average price per unit outstanding (dollars per share)		$ 13.82		14.61
Deferred Incentive Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		0
Weighted average price per unit outstanding (dollars per share)		$ 9.86		$ 16.63
2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares authorized	2,500,000
2013 Equity Plan \| Profits Interest Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		447,938
Value of units outstanding		$ 3,800
Weighted average price per unit outstanding (dollars per share)		$ 8.58
2010 Equity Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Number of units granted (in shares)		5,426
Value of units outstanding		$ 75
Weighted average price per unit outstanding (dollars per share)		$ 13.82
2010 Equity Plan \| Deferred Incentive Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Number of units granted (in shares)		575
Value of units outstanding		$ 6
Weighted average price per unit outstanding (dollars per share)		$ 9.86
25% per Year in the First Four Years \| 2013 Equity Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares granted for stock options		1,850,000
Award vesting rights (in percent)		25.00%
Number of options vested (in shares)		431,250
Number of options remain unvested (in shares)		862,500
Value of shares outstanding for stock options		$ 3,600
Weighted average price per share outstanding (dollars per share)		$ 4.18
25% per Year in the First Four Years \| 2013 Equity Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		483,183
Value of units outstanding		$ 8,800
Weighted average price per unit outstanding (dollars per share)		$ 18.13
Performance \| 2013 Equity Plan \| Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units granted (in shares)		233,528
Value of units outstanding		$ 1,900
Weighted average price per unit outstanding (dollars per share)		$ 8.15
Minimum \| 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
Minimum \| Performance \| 2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year

Share-Based and Long-Term Com51

Share-Based and Long-Term Compensation Plans - Summary of Share Unit Activity (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Restricted Stock
Number of Shares Activity [Roll Forward]
Balance at beginning of period (in shares)	13,769
Granted (in shares)	0
Vested/Exercised (in shares)	(8,343)
Forfeited (in shares)	0
Balance at end of period (in shares)	5,426
Weighted Average Grant-Date Fair Value [Roll Forward]
Balance at beginning of period (in dollars per share)	$ 14.61
Granted (in dollars per share)	0
Vested/Exercised (in dollars per share)	15.13
Forfeited (in dollars per share)	0
Balance at end of period (in dollars per share)	$ 13.82
Deferred Incentive Share Units
Number of Shares Activity [Roll Forward]
Balance at beginning of period (in shares)	6,855
Granted (in shares)	0
Vested/Exercised (in shares)	(5,745)
Forfeited (in shares)	(535)
Balance at end of period (in shares)	575
Weighted Average Grant-Date Fair Value [Roll Forward]
Balance at beginning of period (in dollars per share)	$ 16.63
Granted (in dollars per share)	0
Vested/Exercised (in dollars per share)	17.56
Forfeited (in dollars per share)	13.96
Balance at end of period (in dollars per share)	$ 9.86
Stock Options
Number of Shares Activity for Stock Options [Roll Forward]
Balance at beginning of period (in shares)	1,293,750
Granted (in shares)	0
Vested/Exercises (in shares)	(431,250)
Forfeited (in shares)	0
Balance at end of period (in shares)	862,500
Weighted Average Grante-Date Fair Value for Stock Options [Roll Forward]
Balance at beginning of period (in dollars per share)	$ 4.17
Granted (in dollars per share)	0
Vested/Exercised (in dollars per share)	4.18
Forfeited (in dollars per share)	0
Balance at end of period (in dollars per share)	$ 4.18
Restricted Stock Units (RSUs)
Number of Shares Activity [Roll Forward]
Balance at beginning of period (in shares)	504,534
Granted (in shares)	267,596
Vested/Exercised (in shares)	(55,419)
Forfeited (in shares)	0
Balance at end of period (in shares)	716,711
Weighted Average Grant-Date Fair Value [Roll Forward]
Balance at beginning of period (in dollars per share)	$ 16.03
Granted (in dollars per share)	13.50
Vested/Exercised (in dollars per share)	18.74
Forfeited (in dollars per share)	0
Balance at end of period (in dollars per share)	$ 14.88
Profits Interest Units
Number of Shares Activity [Roll Forward]
Balance at beginning of period (in shares)	300,636
Granted (in shares)	147,302
Vested/Exercised (in shares)	0
Forfeited (in shares)	0
Balance at end of period (in shares)	447,938
Weighted Average Grant-Date Fair Value [Roll Forward]
Balance at beginning of period (in dollars per share)	$ 9.26
Granted (in dollars per share)	7.18
Vested/Exercised (in dollars per share)	0
Forfeited (in dollars per share)	0
Balance at end of period (in dollars per share)	$ 8.58

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	Jun. 24, 2015USD ($)
Monitoring Fee \| TPG VI Management, LLC \| Management Service Agreement
Related Party Transaction [Line Items]
Payment of management fee	$ 250

Subsequent Events (Details)

Subsequent Events (Details) - Office Building - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2015	Jul. 31, 2015	Jul. 17, 2015	Jul. 09, 2015
Comerica Bank Building \| Subsequent Event
Subsequent Event [Line Items]
Gross sale price				$ 31.4
245 Riverside \| Subsequent Event
Subsequent Event [Line Items]
Gross sale price			$ 25.1
Scenario, Forecast \| 550 Greens Parkway \| Subsequent Event
Subsequent Event [Line Items]
Gross sale price		$ 2.3
Scenario, Forecast \| Two Buckhead Plaza
Subsequent Event [Line Items]
Acquisition purchase price	$ 80
Interest rate on debt assumed in acquisitions	6.425%
First Mortgage \| Scenario, Forecast \| Two Buckhead Plaza
Subsequent Event [Line Items]
Liabilities assumed in acquisitions	$ 52