Parkway Properties 10-Q 2 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 26, 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	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Shares Outstanding
Entity Information [Line Items]
Shares Outstanding		111,628,796
Limited Voting Stock, Shares Outstanding
Entity Information [Line Items]
Shares Outstanding		4,213,104

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Real estate related investments:
Office and parking properties	$ 3,260,475	$ 3,333,900
Accumulated depreciation	(292,253)	(309,629)
Total real estate related investments, net	2,968,222	3,024,271
Condominium units	0	9,318
Mortgage loan receivable	3,353	3,417
Investment in unconsolidated joint ventures	53,571	55,550
Cash and cash equivalents	80,165	116,241
Receivables and other assets	331,588	285,217
Intangible assets, net	155,236	185,488
Assets held for sale	0	24,079
Management contract intangibles, net	567	1,133
Total assets	3,592,702	3,704,714
Liabilities
Notes payable to banks	550,000	481,500
Mortgage notes payable	1,193,953	1,339,450
Accounts payable and other liabilities	201,348	202,413
Liabilities related to assets held for sale	0	2,035
Total liabilities	1,945,301	2,025,398
Parkway Properties, Inc. stockholders' equity:
Common stock, $.001 par value, 215,500,000 shares authorized and 111,591,409 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	1,853,823	1,842,581
Accumulated other comprehensive loss	(9,850)	(6,166)
Accumulated deficit	(447,795)	(443,757)
Total Parkway Properties, Inc. stockholders' equity	1,396,294	1,392,773
Noncontrolling interests	251,107	286,543
Total equity	1,647,401	1,679,316
Total liabilities and equity	$ 3,592,702	$ 3,704,714

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 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)	111,591,409	111,127,386
Common stock, shares outstanding (in shares)	111,591,409	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) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Income from office and parking properties	$ 110,574	$ 105,507	$ 341,741	$ 303,012
Management company income	3,060	5,143	8,646	16,572
Sale of condominium units	1,209	5,097	11,045	10,736
Total revenues	114,843	115,747	361,432	330,320
Expenses
Property operating expenses	43,597	41,964	132,171	119,604
Management company expenses	2,915	3,351	8,206	15,364
Cost of sales – condominium units	988	4,375	11,079	8,712
Depreciation and amortization	46,618	46,481	142,810	131,742
Impairment loss on real estate	0	0	5,400	0
General and administrative	7,498	8,975	24,129	26,139
Acquisition costs	101	1,129	768	2,263
Total expenses	101,717	106,275	324,563	303,824
Operating income	13,126	9,472	36,869	26,496
Other income and expenses
Interest and other income	218	121	700	890
Equity in earnings (losses) of unconsolidated joint ventures	339	191	923	(783)
Net gains on sale of real estate	47,351	6,664	106,913	12,953
Loss on extinguishment of debt	(702)	0	(5,542)	0
Interest expense	(17,017)	(16,543)	(53,891)	(48,920)
Income (loss) before income taxes	43,315	(95)	85,972	(9,364)
Income tax expense	(491)	(164)	(1,009)	(762)
Income (loss) from continuing operations	42,824	(259)	84,963	(10,126)
Discontinued operations:
Loss from discontinued operations	0	(289)	0	(381)
Net gains on sale of real estate from discontinued operations	0	0	0	10,463
Total discontinued operations	0	(289)	0	10,082
Net income (loss)	42,824	(548)	84,963	(44)
Net (income) loss attributable to noncontrolling interests – unit holders	(1,617)	51	(2,572)	58
Net (income) loss attributable to noncontrolling interests – real estate partnerships	(3,956)	12	(23,733)	501
Net income (loss) for Parkway Properties, Inc. and attributable to common stockholders	37,251	(485)	58,658	515
Net income (loss)	42,824	(548)	84,963	(44)
Other comprehensive income (loss)	(2,951)	3,404	(2,539)	(747)
Comprehensive income (loss)	39,873	2,856	82,424	(791)
Comprehensive (income) loss attributable to noncontrolling interests	(5,837)	(242)	(27,450)	181
Comprehensive income (loss) attributable to common stockholders	$ 34,036	$ 2,614	$ 54,974	$ (610)
Basic:
Income (loss) from continuing operations attributable to Parkway Properties, Inc. (in dollars per share)	$ 0.33	$ 0	$ 0.53	$ (0.09)
Discontinued operations (in dollars per share)	0	0	0	0.10
Basic net income attributable to Parkway Properties, Inc. (in dollars per share)	0.33	0	0.53	0.01
Diluted:
Income (loss) from continuing operations attributable to Parkway Properties, Inc. (in dollars per share)	0.33	0	0.52	(0.09)
Discontinued operations (in dollars per share)	0	0	0	0.09
Diluted net income attributable to Parkway Properties, Inc. (in dollars per share)	$ 0.33	$ 0	$ 0.52	$ 0
Weighted average shares outstanding:
Basic (in shares)	111,583	100,016	111,449	98,825
Diluted (in shares)	116,723	100,016	116,667	104,217
Amounts attributable to Parkway Properties, Inc. common stockholders:
Income (loss) from continuing operations attributable to Parkway Properties, Inc.	$ 37,251	$ (307)	$ 58,658	$ (9,161)
Discontinued operations	0	(178)	0	9,676
Net income (loss) attributable to common stockholders	$ 37,251	$ (485)	$ 58,658	$ 515

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands	Total	Common Stock	Limited Voting Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Noncontrolling Interests
Beginning 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	84,963					58,658	26,305
Other comprehensive income (loss)	(2,539)				(3,684)		1,145
Common dividends declared – $0.5625 per share	(65,504)					(62,696)	(2,808)
Share-based compensation	4,840			4,840
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	0	1		6,336			(6,337)
Contribution of capital by noncontrolling interests	2,125						2,125
Distributions to noncontrolling interests	(55,866)						(55,866)
Ending balance at Sep. 30, 2015	$ 1,647,401	$ 112	$ 4	$ 1,853,823	$ (9,850)	$ (447,795)	$ 251,107

CONSOLIDATED STATEMENT OF CHAN6

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Statement of Stockholders' Equity [Abstract]
Common dividends declared per share (in dollars per share) | $ / shares	$ 0.5625
Issuance of shares to directors (in shares)	15,690
Issuance of shares of common stock upon redemption of Operating Partnership units (in shares)	367,257

CONSOLIODATED STATEMENTS OF CAS

CONSOLIODATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net income	$ 84,963	$ (44)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	142,810	131,742
Depreciation and amortization – discontinued operations	0	116
Amortization of below market leases, net	(12,422)	(8,916)
Amortization of financing costs	2,360	2,551
Amortization of debt premium, net	(8,839)	(4,110)
Non-cash adjustment for interest rate swaps	187	37
Share-based compensation expense	5,115	6,449
Deferred income tax benefit	(176)	(1,973)
Net gains on sale of real estate	(106,913)	(12,953)
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	5,542	0
Equity in (earnings) losses of unconsolidated joint ventures	(923)	783
Distributions of income from unconsolidated joint ventures	3,230	0
Change in deferred leasing costs	(15,492)	2,403
Changes in operating assets and liabilities:
Change in condominium units	9,318	7,057
Change in receivables and other assets	(41,869)	(46,821)
Change in accounts payable and other liabilities	(9,878)	(26,374)
Net cash provided by operating activities	62,413	39,484
Investing activities
Proceeds from mortgage loan receivable	64	64
Investment in unconsolidated joint ventures	(3,247)	(3,417)
Distributions of capital from unconsolidated joint ventures	3,084	4,340
Investment in real estate	(224,285)	(282,352)
Proceeds from sale of real estate	395,049	67,294
Real estate development	(23,148)	(8,276)
Improvements to real estate	(51,370)	(40,201)
Net cash provided by (used in) investing activities	96,147	(262,548)
Financing activities
Principal payments on mortgage notes payable	(159,160)	(42,203)
Proceeds from mortgage notes payable	18,411	481
Proceeds from bank borrowings	454,850	259,259
Payments on bank borrowings	(386,350)	(212,259)
Debt financing costs	(2,811)	(4,106)
Dividends paid on common stock	(62,818)	(55,855)
Dividends paid on common units of Operating Partnership	(2,808)	(2,925)
Acquisition of noncontrolling interests	0	(43,502)
Contributions from noncontrolling interest partners	2,125	2,348
Distributions to noncontrolling interest partners	(55,866)	(129)
Proceeds from stock offerings, net of offering costs	0	391,134
Payments of offering costs associated with the issuance of common stock	(209)	0
Net cash (used in) provided by financing activities	(194,636)	292,243
Change in cash and cash equivalents	(36,076)	69,179
Cash and cash equivalents at beginning of period	116,241	58,678
Cash and cash equivalents at end of period	80,165	127,857
Supplemental cash flow information:
Cash paid for interest	61,013	50,924
Cash paid for income taxes	2,066	2,191
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	24,079	0
Transfer of liabilities classified as held for sale, net	$ 2,035	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 October 1, 2015 , the Company owned or had an interest in a portfolio of 38 office and parking properties located in six states with an aggregate of approximately 14.9 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 October 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 September 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 September 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 nine months ended September 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 debt within total liabilities. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments," ("ASU 2015-16"). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Previously, adjustments to provisional amounts were applied retrospectively. This update requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s consolidated financial statements.

Investment in Office and Parkin

Investment in Office and Parking Properties	9 Months Ended
	Sep. 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 September 30, 2015 are 35 office and parking properties located in six 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 . On September 25, 2015, the Company acquired Harborview Plaza, an office building located in the Westshore submarket of Tampa, Florida, for a gross purchase price of $49.0 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 and Harborview Plaza is as follows (in thousands): Amount Land $ 29,160 Buildings 157,897 Tenant improvements 8,346 Lease commissions 6,452 Lease in place value 11,503 Above market leases 1,816 Below market leases (9,174 ) 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 purchases of One Buckhead Plaza and Harborview Plaza as if the purchases had occurred on January 1, 2014 is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 116,232 $ 129,158 $ 366,117 $ 346,935 Net income attributable to common stockholders $ 38,223 $ 2,273 $ 61,729 $ 5,311 Basic net income attributable to common stockholders per share $ 0.34 $ 0.02 $ 0.55 $ 0.05 Diluted net income attributable to common stockholders per share $ 0.34 $ 0.02 $ 0.55 $ 0.05 2015 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 nine months ended September 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 $14.3 million in continuing operations during the nine months ended September 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 $2.4 million in continuing operations during the nine months ended September 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 $466,000 in continuing operations during the nine months ended September 30, 2015 . On July 7, 2015, the Company sold 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 , and recognized a gain of approximately $19.2 million in continuing operations during the nine months ended September 30, 2015 . On July 16, 2015, Fund II sold 245 Riverside, an office property located in Jacksonville, Florida, for a gross sale price of $25.1 million , and recognized a gain of approximately $7.2 million in continuing operations during the nine months ended September 30, 2015 , of which $2.2 million was the Company's share. For a discussion of Fund II's paydown of the mortgage debt secured by 245 Riverside, see "Note 5 – Capital and Financing Transactions – Mortgage Notes Payable." 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 , and recognized a gain of approximately $38,000 in continuing operations during the nine months ended September 30, 2015 . During the nine months ended September 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 was not recoverable. As a result, the Company recognized an impairment loss on real estate of $4.4 million for the difference between the carrying value and the estimated fair value during the nine months ended September 30, 2015 . On September 1, 2015, the Company sold Comerica Bank Building, an office property located in Houston, Texas, for a gross sale price of $31.4 million , and recognized a gain of approximately $13.0 million in continuing operations during the nine months ended September 30, 2015 . On September 3, 2015, the Company sold Squaw Peak I & II, an office property located in Phoenix, Arizona, for a gross sale price of $51.3 million , and recognized a gain of approximately $13.3 million in continuing operations during the nine months ended September 30, 2015 . On September 11, 2015, the Company sold One Commerce Green, an office property located in Houston, Texas, for a gross sale price of $47.5 million , providing $23.5 million in buyer credits, and recognized a loss of approximately $5.2 million in continuing operations during the nine months ended September 30, 2015 . On September 30, 2015, the Company sold City Centre, an office property located in Jackson, Mississippi, for a gross sale price of $6.2 million , and recognized a loss of approximately $66,000 in continuing operations during the nine months ended September 30, 2015 . The Company recognized an impairment loss on real estate of $1.0 million for the difference between the carrying value and the estimated fair value during the nine months ended September 30, 2015 .

Mortgage Loan Receivable

Mortgage Loan Receivable	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2015
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures In addition to the 35 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 September 30, 2015 . Accordingly, the assets and liabilities of the joint ventures are not included on the Company's consolidated balance sheets at September 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 September 30, 2015 Investment Balance at December 31, 2014 US Airways Building Tenancy in Common ("US Airways Building") Phoenix, AZ 74.58% 1 $ 38,801 $ 39,760 7000 Central Park JV LLC ("7000 Central Park") Atlanta, GA 40.00% 1 14,770 15,790 2 $ 53,571 $ 55,550 The following table summarizes the balance sheets of the unconsolidated joint ventures at September 30, 2015 (in thousands): US Airways Building 7000 Central Park (1) Total Cash $ 144 $ 166 $ 310 Restricted cash — 397 397 Real estate, net 46,473 49,040 95,513 Intangible assets, net 2,333 1,291 3,624 Receivables and other assets 3,454 4,916 8,370 Total assets $ 52,404 $ 55,810 $ 108,214 Mortgage debt $ 13,189 $ 33,000 $ 46,189 Other liabilities 382 1,554 1,936 Partners' equity 38,833 21,256 60,089 Total liabilities and partners' equity $ 52,404 $ 55,810 $ 108,214 (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. The following table summarizes the balance sheets of the unconsolidated joint ventures at December 31, 2014 (in thousands): US Airways Building 7000 Central Park (1) 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 (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. The following table summarizes the statements of operations of the unconsolidated joint ventures for the three months ended September 30, 2015 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 1,126 $ 2,116 $ — $ 3,242 Operating expenses 3 947 — 950 Depreciation and amortization 522 922 — 1,444 Operating income before interest 601 247 — 848 Interest expense 101 169 — 270 Loan cost amortization — 624 — 624 Net income (loss) $ 500 $ (546 ) $ — $ (46 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 nine months ended September 30, 2015 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 3,378 $ 5,998 $ — $ 9,376 Operating expenses 3 2,930 — 2,933 Depreciation and amortization 1,566 3,692 — 5,258 Operating income (loss) before interest 1,809 (624 ) — 1,185 Interest expense 304 467 — 771 Loan cost amortization — 708 — 708 Net income (loss) $ 1,505 $ (1,799 ) $ — $ (294 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 September 30, 2014 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 1,126 $ 1,803 $ 25,863 $ 28,792 Operating expenses — 944 10,912 11,856 Depreciation and amortization 522 1,023 9,056 10,601 Operating income (loss) before interest 604 (164 ) 5,895 6,335 Interest expense 105 150 9,665 9,920 Loan cost amortization — 35 (161 ) (126 ) Net income (loss) $ 499 $ (349 ) $ (3,609 ) $ (3,459 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 nine months ended September 30, 2014 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 3,378 $ 5,572 $ 74,441 $ 83,391 Operating expenses — 2,817 30,576 33,393 Depreciation and amortization 1,566 3,316 28,220 33,102 Operating income (loss) before interest 1,812 (561 ) 15,645 16,896 Interest expense 312 213 28,729 29,254 Loan cost amortization — 141 (483 ) (342 ) Other expenses — — 1 1 Net income (loss) $ 1,500 $ (915 ) $ (12,602 ) $ (12,017 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 nine months ended September 30, 2014 . For a discussion of the Company's agreement to sell its ownership interest in 7000 Central Park, see "Note 13 — Subsequent Events."

Capital and Financing Transacti

Capital and Financing Transactions	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Capital and Financing Transactions	Capital and Financing Transactions Notes Payable to Banks At September 30, 2015 and December 31, 2014 , the Company had $550.0 million and $481.5 million outstanding, respectively, under the following credit facilities (in thousands): Credit Facilities Interest Rate Initial Maturity Outstanding Balance at September 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 — 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 $ 550,000 $ 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 1.49% . 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 September 30, 2015 totaled $1.2 billion , including unamortized net premiums on debt acquired of $19.0 million , with a weighted average interest rate of 4.1% . 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. On July 16, 2015, Fund II paid in full the $9.1 million mortgage debt secured by 245 Riverside and incurred a prepayment fee and swap early termination fee of $702,000 as part of the repayment, of which $210,000 was the Company's share. Fund II drew approximately $18.4 million on its construction loan secured by the Hayden Ferry Lakeside III development in the Tempe submarket of Phoenix, Arizona during the nine months ended September 30, 2015 . As of September 30, 2015 , the balance of the construction loan payable was approximately $18.9 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 September 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 nine months ended September 30, 2015 and 2014 (in thousands): Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amount of gain (loss) recognized in other comprehensive income on derivatives $ (5,457 ) $ 1,448 $ (9,882 ) $ (6,426 ) Net loss reclassified from accumulated other comprehensive loss into earnings $ 1,883 $ 1,915 $ 5,475 $ 5,441 Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ 623 $ 41 $ 1,868 $ 238 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 September 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 $12.6 million . As of September 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 $12.6 million at September 30, 2015 .

Fair Values of Financial Instru

Fair Values of Financial Instruments	9 Months Ended
	Sep. 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 September 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 80,165 $ 80,165 $ 116,241 $ 116,241 Mortgage loan receivable 3,353 3,353 3,417 3,417 Interest rate swap agreements — — 1,131 1,131 Financial Liabilities: Mortgage notes payable $ 1,193,953 $ 1,211,887 $ 1,339,450 $ 1,327,637 Notes payable to banks 550,000 553,947 481,500 477,967 Interest rate swap agreements 12,641 12,641 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Basic net income (loss) attributable to common stockholders $ 37,251 $ (485 ) $ 58,658 $ 515 Effect of net income (loss) attributable to noncontrolling interests - unit holders 1,617 — 2,572 (58 ) Diluted net income (loss) attributable to common stockholders $ 38,868 $ (485 ) $ 61,230 $ 457 Denominator: Basic weighted average shares outstanding 111,583 100,016 111,449 98,825 Effect of Operating Partnership units 4,833 — 4,926 5,200 Effect of RSUs 216 — 201 168 Effect of restricted shares 5 — 5 13 Effect of deferred incentive share units 1 — 3 11 Effect of LTIP units 85 — 83 — Diluted adjusted weighted average shares outstanding 116,723 100,016 116,667 104,217 Basic net income (loss) per share attributable to Parkway Properties, Inc. $ 0.33 $ — $ 0.53 $ 0.01 Diluted net income (loss) per share attributable to Parkway Properties, Inc. $ 0.33 $ — $ 0.52 $ — The computation of diluted EPS for the three and nine months ended September 30, 2015 and 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 September 30, 2014 does not include the effect of net loss attributable to unit holders in the numerator and Operating Partnership units, RSUs, restricted shares, deferred incentive share units and LTIP units in the denominator, as their inclusion would have been anti-dilutive. The computation of diluted EPS for the nine months ended September 30, 2014 does not include the effect of 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	9 Months Ended
	Sep. 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 September 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% 3344 Peachtree Atlanta, GA 33.0% Two Liberty Place Philadelphia, PA 19.0% 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 nine months ended September 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 July 16, 2015, Fund II sold 245 Riverside, an office property located in Jacksonville, Florida, for a gross sale price of $25.1 million , and recognized a gain of approximately $7.2 million in continuing operations during the nine months ended September 30, 2015 , of which $2.2 million was the Company's share. For a discussion of Fund II's paydown of the mortgage debt secured by 245 Riverside, 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 owned a 95.9% interest in the Operating Partnership at September 30, 2015 . Noncontrolling interests in the Operating Partnership represents common Operating Partnership units that are not owned by the Company. Noncontrolling 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	9 Months Ended
	Sep. 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2015 and 2014 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Statements of Operations: Revenues Income from office and parking properties $ — $ 52 $ — $ 99 Expenses Operating expenses — 341 — 364 Depreciation and amortization — — — 116 Total expenses — 341 — 480 Loss from discontinued operations — (289 ) — (381 ) Net gains on sale of real estate from discontinued operations — — — 10,463 Total discontinued operations per Statements of Operations — (289 ) — 10,082 Net (income) loss attributable to noncontrolling interest from discontinued operations - unit holders — 111 — (406 ) Total discontinued operations - Company's share $ — $ (178 ) $ — $ 9,676

Income Taxes

Income Taxes	9 Months Ended
	Sep. 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 $491,000 and $164,000 for the three months ended September 30, 2015 and 2014, respectively, and $1.0 million and $762,000 for the nine months ended September 30, 2015 and 2014, respectively.

Share-Based and Long-Term Compe

Share-Based and Long-Term Compensation Plans	9 Months Ended
	Sep. 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 September 30, 2015 , the Company had RSUs, LTIP units and stock options outstanding under the 2015 Equity Plan, each as described below. As of September 30, 2015 , the Company had restricted shares and deferred incentive share units outstanding under the 2010 Equity Plan, as described below. Long-Term Equity Incentives At September 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 nine months ended September 30, 2015 , 431,250 options vested and, as of September 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 September 30, 2015 , a total of 449,850 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 $8.2 million , which equates to an average price per share of $18.16 . At September 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 September 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 September 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 September 30, 2015 , a total of 480 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 approximately $5,000 , 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 $5.1 million and $6.8 million was recognized in general and administrative expenses on the Company's consolidated statements of operations and comprehensive income (loss) during the nine months ended September 30, 2015 and 2014 , respectively. Total compensation expense related to non-vested awards not yet recognized was $7.1 million at September 30, 2015 . The weighted average period over which this expense is expected to be recognized is approximately 1.2 years. A summary of the Company's restricted shares, deferred incentive share units, stock options, RSUs, and LTIP unit activity for the nine months ended September 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 (88,752 ) 18.34 — — Forfeited — — (630 ) 13.34 — — — — — — Balance at September 30, 2015 5,426 $ 13.82 480 $ 9.86 862,500 $ 4.18 683,378 $ 14.74 447,938 $ 8.58

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On September 30, 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies At September 30, 2015, the Company had future obligations under leases to fund tenant improvements and leasing commissions of $74.5 million and $6.2 million , respectively.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On October 1, 2015, the Company acquired 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 assumed the first mortgage secured by the property, which had an outstanding balance of approximately $52.0 million with an interest rate of 6.43% as of October 1, 2015 and a maturity date of October 1, 2017. On August 26, 2015, a joint venture in which the Company owns a 40% interest reached an agreement to sell 7000 Central Park, an office building located in Atlanta, Georgia, for a gross sale price of $85.3 million . Closing is expected to occur during the fourth quarter of 2015, subject to customary closing conditions, and the Company expects to recognize a gain on the sale of 7000 Central Park during the three months ended December 31, 2015.

Basis of Presentation and Sum22

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	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 September 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 nine months ended September 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 debt within total liabilities. In September 2015, the FASB issued ASU No. 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments," ("ASU 2015-16"). ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. Previously, adjustments to provisional amounts were applied retrospectively. This update requires an entity to present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 will be effective for the Company’s fiscal year beginning January 1, 2016 and subsequent interim periods. The adoption of ASU 2015-16 is not expected to have a material effect on the Company’s consolidated financial statements.
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 and Park23

Investment in Office and Parking Properties (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Summary of the aggregate preliminary purchase price allocation related to tangible and intangible assets and liabilities	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 and Harborview Plaza is as follows (in thousands): Amount Land $ 29,160 Buildings 157,897 Tenant improvements 8,346 Lease commissions 6,452 Lease in place value 11,503 Above market leases 1,816 Below market leases (9,174 )
Summary of unaudited pro forma results of operations	The Company's unaudited pro forma results of operations after giving effect to the purchases of One Buckhead Plaza and Harborview Plaza as if the purchases had occurred on January 1, 2014 is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ 116,232 $ 129,158 $ 366,117 $ 346,935 Net income attributable to common stockholders $ 38,223 $ 2,273 $ 61,729 $ 5,311 Basic net income attributable to common stockholders per share $ 0.34 $ 0.02 $ 0.55 $ 0.05 Diluted net income attributable to common stockholders per share $ 0.34 $ 0.02 $ 0.55 $ 0.05

Investment in Unconsolidated 24

Investment in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 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 September 30, 2015 Investment Balance at December 31, 2014 US Airways Building Tenancy in Common ("US Airways Building") Phoenix, AZ 74.58% 1 $ 38,801 $ 39,760 7000 Central Park JV LLC ("7000 Central Park") Atlanta, GA 40.00% 1 14,770 15,790 2 $ 53,571 $ 55,550
Schedule of equity method investments financial information	The following table summarizes the balance sheets of the unconsolidated joint ventures at September 30, 2015 (in thousands): US Airways Building 7000 Central Park (1) Total Cash $ 144 $ 166 $ 310 Restricted cash — 397 397 Real estate, net 46,473 49,040 95,513 Intangible assets, net 2,333 1,291 3,624 Receivables and other assets 3,454 4,916 8,370 Total assets $ 52,404 $ 55,810 $ 108,214 Mortgage debt $ 13,189 $ 33,000 $ 46,189 Other liabilities 382 1,554 1,936 Partners' equity 38,833 21,256 60,089 Total liabilities and partners' equity $ 52,404 $ 55,810 $ 108,214 (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. The following table summarizes the balance sheets of the unconsolidated joint ventures at December 31, 2014 (in thousands): US Airways Building 7000 Central Park (1) 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 (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. The following table summarizes the statements of operations of the unconsolidated joint ventures for the three months ended September 30, 2015 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 1,126 $ 2,116 $ — $ 3,242 Operating expenses 3 947 — 950 Depreciation and amortization 522 922 — 1,444 Operating income before interest 601 247 — 848 Interest expense 101 169 — 270 Loan cost amortization — 624 — 624 Net income (loss) $ 500 $ (546 ) $ — $ (46 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 nine months ended September 30, 2015 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 3,378 $ 5,998 $ — $ 9,376 Operating expenses 3 2,930 — 2,933 Depreciation and amortization 1,566 3,692 — 5,258 Operating income (loss) before interest 1,809 (624 ) — 1,185 Interest expense 304 467 — 771 Loan cost amortization — 708 — 708 Net income (loss) $ 1,505 $ (1,799 ) $ — $ (294 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 September 30, 2014 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 1,126 $ 1,803 $ 25,863 $ 28,792 Operating expenses — 944 10,912 11,856 Depreciation and amortization 522 1,023 9,056 10,601 Operating income (loss) before interest 604 (164 ) 5,895 6,335 Interest expense 105 150 9,665 9,920 Loan cost amortization — 35 (161 ) (126 ) Net income (loss) $ 499 $ (349 ) $ (3,609 ) $ (3,459 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 nine months ended September 30, 2014 (in thousands): US Airways Building 7000 Central Park (1) Austin Joint Venture (2) Total Revenues $ 3,378 $ 5,572 $ 74,441 $ 83,391 Operating expenses — 2,817 30,576 33,393 Depreciation and amortization 1,566 3,316 28,220 33,102 Operating income (loss) before interest 1,812 (561 ) 15,645 16,896 Interest expense 312 213 28,729 29,254 Loan cost amortization — 141 (483 ) (342 ) Other expenses — — 1 1 Net income (loss) $ 1,500 $ (915 ) $ (12,602 ) $ (12,017 ) (1) The joint venture reached an agreement to sell 7000 Central Park on August 26, 2015. (2) 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 Transac25

Capital and Financing Transactions (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Schedule of revolving credit facilities and term loans	At September 30, 2015 and December 31, 2014 , the Company had $550.0 million and $481.5 million outstanding, respectively, under the following credit facilities (in thousands): Credit Facilities Interest Rate Initial Maturity Outstanding Balance at September 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 — 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 $ 550,000 $ 481,500
Schedule of the effect of derivative financial instruments 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 nine months ended September 30, 2015 and 2014 (in thousands): Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Amount of gain (loss) recognized in other comprehensive income on derivatives $ (5,457 ) $ 1,448 $ (9,882 ) $ (6,426 ) Net loss reclassified from accumulated other comprehensive loss into earnings $ 1,883 $ 1,915 $ 5,475 $ 5,441 Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ 623 $ 41 $ 1,868 $ 238

Fair Values of Financial Inst26

Fair Values of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities disclosed on a recurring basis	Assets and liabilities disclosed at fair value on a recurring basis were as follows (in thousands): As of September 30, 2015 As of December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 80,165 $ 80,165 $ 116,241 $ 116,241 Mortgage loan receivable 3,353 3,353 3,417 3,417 Interest rate swap agreements — — 1,131 1,131 Financial Liabilities: Mortgage notes payable $ 1,193,953 $ 1,211,887 $ 1,339,450 $ 1,327,637 Notes payable to banks 550,000 553,947 481,500 477,967 Interest rate swap agreements 12,641 12,641 11,077 11,077

Net Income (Loss) Per Common 27

Net Income (Loss) Per Common Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of computation of diluted EPS	The computation of diluted EPS is as follows (in thousands, except per share data): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Basic net income (loss) attributable to common stockholders $ 37,251 $ (485 ) $ 58,658 $ 515 Effect of net income (loss) attributable to noncontrolling interests - unit holders 1,617 — 2,572 (58 ) Diluted net income (loss) attributable to common stockholders $ 38,868 $ (485 ) $ 61,230 $ 457 Denominator: Basic weighted average shares outstanding 111,583 100,016 111,449 98,825 Effect of Operating Partnership units 4,833 — 4,926 5,200 Effect of RSUs 216 — 201 168 Effect of restricted shares 5 — 5 13 Effect of deferred incentive share units 1 — 3 11 Effect of LTIP units 85 — 83 — Diluted adjusted weighted average shares outstanding 116,723 100,016 116,667 104,217 Basic net income (loss) per share attributable to Parkway Properties, Inc. $ 0.33 $ — $ 0.53 $ 0.01 Diluted net income (loss) per share attributable to Parkway Properties, Inc. $ 0.33 $ — $ 0.52 $ —

Noncontrolling Interests (Table

Noncontrolling Interests (Tables)	9 Months Ended
	Sep. 30, 2015
Noncontrolling Interest [Abstract]
Summary of information on Fund II assets	The following represents detailed information on the Fund II assets as of September 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% 3344 Peachtree Atlanta, GA 33.0% Two Liberty Place Philadelphia, PA 19.0%

Discontinued Operations (Tables

Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of office and parking property dispositions included in 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 nine months ended September 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 nine months ended September 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 nine months ended September 30, 2015 and 2014 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Statements of Operations: Revenues Income from office and parking properties $ — $ 52 $ — $ 99 Expenses Operating expenses — 341 — 364 Depreciation and amortization — — — 116 Total expenses — 341 — 480 Loss from discontinued operations — (289 ) — (381 ) Net gains on sale of real estate from discontinued operations — — — 10,463 Total discontinued operations per Statements of Operations — (289 ) — 10,082 Net (income) loss attributable to noncontrolling interest from discontinued operations - unit holders — 111 — (406 ) Total discontinued operations - Company's share $ — $ (178 ) $ — $ 9,676

Share-Based and Long-Term Com30

Share-Based and Long-Term Compensation Plans (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 (88,752 ) 18.34 — — Forfeited — — (630 ) 13.34 — — — — — — Balance at September 30, 2015 5,426 $ 13.82 480 $ 9.86 862,500 $ 4.18 683,378 $ 14.74 447,938 $ 8.58

Basis of Presentation and Sum31

Basis of Presentation and Summary of Significant Accounting Policies (Details) ft² in Millions	Oct. 01, 2015ft²propertystate	Sep. 30, 2015state
Entity Information [Line Items]
Number of states in which office properties are located | state		6
Percentage of noncontrolling interest in operating partnerships		4.10%
Subsequent Event
Entity Information [Line Items]
Number of office and parking properties | property	38
Number of states in which office properties are located | state	6
Net rentable area (sqft)	14.9
Subsidiaries | Subsequent Event
Entity Information [Line Items]
Net rentable area (sqft)	4.2
Parkway Properties LP
Entity Information [Line Items]
Company's ownership (as a percent)		95.90%

Investment in Office and Park32

Investment in Office and Parking Properties - Narrative (Details)	Sep. 30, 2015propertystate
Real Estate Properties [Line Items]
Number of states in which office properties are located | state	6
Office Building
Real Estate Properties [Line Items]
Number of office and parking properties	35

Investment in Office and Park33

Investment in Office and Parking Properties - 2015 Acquisitions (Details) - Office Building - USD ($) $ in Millions	Sep. 25, 2015	Jan. 08, 2015
One Buckhead Plaza
Business Acquisition [Line Items]
Gross purchase price		$ 157
Harborview Plaza
Business Acquisition [Line Items]
Gross purchase price	$ 49

Investment in Office and Park34

Investment in Office and Parking Properties - Allocation of Purchase Price (Details) $ in Thousands	Sep. 25, 2015USD ($)
Business Combinations [Abstract]
Land	$ 29,160
Buildings	157,897
Tenant improvements	8,346
Lease commissions	6,452
Lease in place value	11,503
Above market leases	1,816
Below market leases	$ (9,174)

Investment in Office and Park35

Investment in Office and Parking Properties - 2015 Dispositions (Details) - USD ($) $ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2015

Sep. 30, 2014

Sep. 30, 2015

Sep. 30, 2014

Sep. 11, 2015

Sep. 03, 2015

Sep. 01, 2015

Jul. 31, 2015

Jul. 16, 2015

Jul. 07, 2015

Jun. 12, 2015

Jun. 05, 2015

May. 13, 2015

May. 08, 2015

Apr. 08, 2015

Feb. 04, 2015

Jan. 15, 2015

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) in continuing operations

$ 0

$ 0

$ 0

$ 10,463

Impairment loss on real estate

0

$ 0

5,400

$ 0

Fair Value, Inputs, Level 2 | Greens Parkway

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Impairment loss on real estate

4,400

Raymond James Tower | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 19,300

Buyer credits

$ 8,900

Gain (loss) in continuing operations

(117)

Honeywell Building | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 28,000

Gain (loss) in continuing operations

14,300

Two Ravinia Drive | Office Building | Fund II

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 78,000

Gain (loss) in continuing operations

29,000

Two Ravinia Drive | Office Building | Parent Company

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) in continuing operations

8,700

400 North Belt | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 10,200

Gain (loss) in continuing operations

(1,200)

Peachtree Dunwoody | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 53,900

Gain (loss) in continuing operations

14,300

Hillsboro Center I-IV and V | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 22,000

Gain (loss) in continuing operations

2,400

Riverplace South | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 9,000

Gain (loss) in continuing operations

466

Westshore Corporate Center and Cypress Center I-III | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 66,000

Gain (loss) in continuing operations

19,200

245 Riverside | Office Building | Fund II

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 25,100

Gain (loss) in continuing operations

7,200

245 Riverside | Office Building | Parent Company

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) in continuing operations

2,200

550 Greens Parkway | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 2,300

Gain (loss) in continuing operations

38

Comerica Bank Building | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 31,400

Gain (loss) in continuing operations

13,000

Squaw Peak I & II | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 51,300

Gain (loss) in continuing operations

13,300

One Commerce Green | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 47,500

Buyer credits

$ 23,500

Gain (loss) in continuing operations

(5,200)

City Centre | Office Building

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gross sale price

$ 6,200

6,200

Gain (loss) in continuing operations

(66)

City Centre | Office Building | Disposal Group, Held-for-sale, Not Discontinued Operations

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Impairment loss on real estate

$ 1,000

Investment in Office and Park36

Investment in Office and Parking Properties - Business Combination Pro Forma (Details) - One Buckhead Plaza - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Revenues	$ 116,232	$ 129,158	$ 366,117	$ 346,935
Net income attributable to common stockholders	$ 38,223	$ 2,273	$ 61,729	$ 5,311
Basic net income attributable to common stockholders (in dollars per share)	$ 0.34	$ 0.02	$ 0.55	$ 0.05
Diluted net income attributable to common stockholders (in dollars per share)	$ 0.34	$ 0.02	$ 0.55	$ 0.05

Mortgage Loan Receivable (Detai

Mortgage Loan Receivable (Details) - US Airways Building $ in Millions	Jun. 03, 2013USD ($)
Debt Instrument [Line Items]
Fixed interest rate on mortgage loans on real estate (as a percent)	3.00%
PKY W. Rio Salado, LLC
Debt Instrument [Line Items]
Mortgage secured for properties in a business acquisition	$ 3.4
Unconsolidated Properties
Debt Instrument [Line Items]
Ownership interest (as a percent)	74.60%
Unconsolidated Properties | US Airways
Debt Instrument [Line Items]
Company's ownership (as a percent)	25.40%

Investment in Unconsolidated 38

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands	Feb. 10, 2014USD ($)	Jan. 24, 2014USD ($)	Sep. 30, 2015USD ($)equity_investmentproperty	Sep. 30, 2014USD ($)	Dec. 19, 2013
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | equity_investment			2
Investment in unconsolidated joint ventures			$ 3,247	$ 3,417
Gain on sale of real estate				$ 6,300
CalSTRS | CalSTRS Joint Venture
Schedule of Equity Method Investments [Line Items]
Former interest (as a percent)	60.00%
Payments to acquire former interest in joint venture	$ 24,900
Austin Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)					33.00%
Austin Joint Venture | Madison
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)					50.00%
CalSTRS Joint Venture
Schedule of Equity Method Investments [Line Items]
Ownership interest (as a percent)	40.00%
Additional interest acquired (in percent)		17.00%
Investment in unconsolidated joint ventures		$ 41,500
CalSTRS Joint Venture | CalSTRS
Schedule of Equity Method Investments [Line Items]
Company's ownership (as a percent)	60.00%
Consolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of office and parking properties | property			35

Investment in Unconsolidated 39

Investment in Unconsolidated Joint Ventures - Unconsolidated Joint Ventures (Details) - Unconsolidated Properties $ in Thousands	Sep. 30, 2015USD ($)property	Dec. 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Number of Properties | property	2
Investment Balance	$ 53,571	$ 55,550
US Airways Building Tenancy in Common (US Airways Building)
Schedule of Equity Method Investments [Line Items]
Parkway's Ownership%	74.58%
Number of Properties | property	1
Investment Balance	$ 38,801	39,760
7000 Central Park JV LLC (7000 Central Park)
Schedule of Equity Method Investments [Line Items]
Parkway's Ownership%	40.00%
Number of Properties | property	1
Investment Balance	$ 14,770	$ 15,790

Investment in Unconsolidated 40

Investment in Unconsolidated Joint Ventures - Balance Sheet of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Real estate, net	$ 2,968,222	$ 3,024,271
Receivables and other assets	331,588	285,217
Total assets	3,592,702	3,704,714
Mortgage debt	1,193,953	1,339,450
Total liabilities and equity	3,592,702	3,704,714
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Cash	310	1,364
Restricted cash	397	269
Real estate, net	95,513	96,164
Intangible assets, net	3,624	5,232
Receivables and other assets	8,370	6,926
Total assets	108,214	109,955
Mortgage debt	46,189	43,441
Other liabilities	1,936	1,931
Partners' equity	60,089	64,583
Total liabilities and equity	108,214	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	46,473	47,632
Intangible assets, net	2,333	2,537
Receivables and other assets	3,454	3,365
Total assets	52,404	53,680
Mortgage debt	13,189	13,441
Other liabilities	382	370
Partners' equity	38,833	39,869
Total liabilities and equity	52,404	53,680
Equity Method Investee | 7000 Central Park
Schedule of Equity Method Investments [Line Items]
Cash	166	1,218
Restricted cash	397	269
Real estate, net	49,040	48,532
Intangible assets, net	1,291	2,695
Receivables and other assets	4,916	3,561
Total assets	55,810	56,275
Mortgage debt	33,000	30,000
Other liabilities	1,554	1,561
Partners' equity	21,256	24,714
Total liabilities and equity	$ 55,810	$ 56,275

Investment in Unconsolidated 41

Investment in Unconsolidated Joint Ventures - Income Statement of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Schedule of Equity Method Investments [Line Items]
Operating expenses	$ 101,717	$ 106,275	$ 324,563	$ 303,824
Depreciation and amortization			142,810	131,742
Operating income	13,126	9,472	36,869	26,496
Interest expense	17,017	16,543	53,891	48,920
Loan cost amortization			2,360	2,551
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenues	3,242	28,792	9,376	83,391
Operating expenses	950	11,856	2,933	33,393
Depreciation and amortization	1,444	10,601	5,258	33,102
Operating income	848	6,335	1,185	16,896
Interest expense	270	9,920	771	29,254
Loan cost amortization	624	(126)	708	(342)
Other expenses				1
Net income (loss)	(46)	(3,459)	(294)	(12,017)
Equity Method Investee | US Airways Building
Schedule of Equity Method Investments [Line Items]
Revenues	1,126	1,126	3,378	3,378
Operating expenses	3	0	3	0
Depreciation and amortization	522	522	1,566	1,566
Operating income	601	604	1,809	1,812
Interest expense	101	105	304	312
Loan cost amortization	0	0	0	0
Other expenses				0
Net income (loss)	500	499	1,505	1,500
Equity Method Investee | 7000 Central Park
Schedule of Equity Method Investments [Line Items]
Revenues	2,116	1,803	5,998	5,572
Operating expenses	947	944	2,930	2,817
Depreciation and amortization	922	1,023	3,692	3,316
Operating income	247	(164)	(624)	(561)
Interest expense	169	150	467	213
Loan cost amortization	624	35	708	141
Other expenses				0
Net income (loss)	(546)	(349)	(1,799)	(915)
Equity Method Investee | Austin Joint Venture
Schedule of Equity Method Investments [Line Items]
Revenues	0	25,863	0	74,441
Operating expenses	0	10,912	0	30,576
Depreciation and amortization	0	9,056	0	28,220
Operating income	0	5,895	0	15,645
Interest expense	0	9,665	0	28,729
Loan cost amortization	0	(161)	0	(483)
Other expenses				1
Net income (loss)	$ 0	$ (3,609)	$ 0	$ (12,602)

Capital and Financing Transac42

Capital and Financing Transactions - Notes Payable to Banks (Details) - USD ($)	Jun. 26, 2015	Jan. 27, 2015	Sep. 30, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding balance under credit facilities			$ 550,000,000	$ 481,500,000
Unsecured Debt | Five-year Unsecured Term Loan
Debt Instrument [Line Items]
Term of loan agreement			5 years
All-in interest rate			2.56%
Face amount of unsecured term loan			$ 250,000,000
Unsecured Debt | Seven-year Unsecured Term Loan
Debt Instrument [Line Items]
Term of loan agreement			7 years
All-in interest rate			4.41%
Face amount of unsecured term loan			$ 100,000,000
Unsecured Debt | LIBOR | Five-year Unsecured Term Loan
Debt Instrument [Line Items]
Margin interest rate			1.40%
Unsecured Debt | LIBOR | Seven-year Unsecured Term Loan
Debt Instrument [Line Items]
Margin interest rate			1.85%
$450.0 Million Revolving Credit Facility
Debt Instrument [Line Items]
Outstanding balance under credit facilities			$ 0	131,500,000
$450.0 Million Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
Increase in maximum borrowing capacity		$ 200,000,000
Maximum borrowing capacity		$ 450,000,000
$200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Outstanding balance under credit facilities			$ 200,000,000	$ 0
$200.0 Million Five-Year Term Loan | Line of Credit
Debt Instrument [Line Items]
Term of loan agreement	5 years
Accordion feature amount	$ 400,000,000
Face amount of unsecured term loan	$ 200,000,000
$200.0 Million Five-Year Term Loan | Line of Credit | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.35%
$200.0 Million Five-Year Term Loan | Line of Credit | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.90%
$200.0 Million Five-Year Term Loan | Line of Credit | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Revolving Credit Facility | Line of Credit
Debt Instrument [Line Items]
All-in interest rate			1.49%
Revolving Credit Facility | Line of Credit | LIBOR
Debt Instrument [Line Items]
Variable rate on debt			LIBOR
Margin interest rate			1.30%

Capital and Financing Transac43

Capital and Financing Transactions - Schedule of Notes Payable (Details) - USD ($)	Jun. 26, 2015	Sep. 30, 2015	Jan. 27, 2015	Dec. 31, 2014
Debt Instrument [Line Items]
Outstanding Balance		$ 550,000,000		$ 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		$ 0		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 | $10.0 Million Working Capital Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		10,000,000
Line of Credit | $450.0 Million Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 450,000,000
Line of Credit | $200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Face amount of unsecured term loan	$ 200,000,000
Term of loan agreement	5 years
Five-year Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Face amount of unsecured term loan		$ 250,000,000
Term of loan agreement		5 years
Seven-year Term Loan | Unsecured Debt
Debt Instrument [Line Items]
Face amount of unsecured term loan		$ 100,000,000
Term of loan agreement		7 years

Capital and Financing Transac44

Capital and Financing Transactions - Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Jul. 16, 2015	Apr. 08, 2015	Apr. 06, 2015	Apr. 03, 2015	Mar. 05, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Instrument [Line Items]
Gain on extinguishment of debt						$ (702)	$ 0	$ (5,542)	$ 0
Mortgage debt								159,160	$ 42,203
Construction loan payable balance						18,900		18,900
Mortgages | Parent Company | 245 Riverside
Debt Instrument [Line Items]
Prepayment fee and swap early termination fee	$ 210
Mortgages | Parent Company | Two Ravinia Drive
Debt Instrument [Line Items]
Prepayment fee and swap early termination fee		$ 525
Westshore Corporate Center | Mortgages
Debt Instrument [Line Items]
Payoff balance					$ 14,000
Gain on extinguishment of debt					$ 79
Hillsboro I-V and V | Mortgages
Debt Instrument [Line Items]
Mortgage debt				$ 68,000
Prepayment fee and swap early termination fee				$ 3,000
3350 Peachtree | Mortgages
Debt Instrument [Line Items]
Mortgage debt			$ 31,900
Prepayment fee and swap early termination fee			$ 319
Two Ravinia Drive | Mortgages | Fund II
Debt Instrument [Line Items]
Mortgage debt		22,100
Prepayment fee and swap early termination fee		$ 1,800
245 Riverside | Mortgages | Fund II
Debt Instrument [Line Items]
Mortgage debt	9,100
Prepayment fee and swap early termination fee	$ 702
Hayden Ferry Lakeside III | Fund II
Debt Instrument [Line Items]
Proceeds from construction loans								18,400
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable						1,200,000		1,200,000
Unamortized net premiums on debt						$ 19,000		$ 19,000
Weighted average interest rate (as a percent)						4.10%		4.10%

Capital and Financing Transac45

Capital and Financing Transactions - Tabular Disclosure of the Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Debt Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income on derivatives	$ (5,457)	$ 1,448	$ (9,882)	$ (6,426)
Net loss reclassified from accumulated other comprehensive loss into earnings	1,883	1,915	5,475	5,441
Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$ 623	$ 41	$ 1,868	$ 238

Capital and Financing Transac46

Capital and Financing Transactions - Credit Risk-Related Contingent Features (Details) $ in Millions	Sep. 30, 2015USD ($)
Debt Disclosure [Abstract]
Agreements relating to fair value of derivatives	$ 12.6
Aggregate termination value	$ 12.6

Fair Values of Financial Inst47

Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Carrying Amount
Financial Assets:
Cash and cash equivalents	$ 80,165	$ 116,241
Mortgage loan receivable	3,353	3,417
Interest rate swap agreements	0	1,131
Financial Liabilities:
Mortgage notes payable	1,193,953	1,339,450
Notes payable to banks	550,000	481,500
Interest rate swap agreements	12,641	11,077
Fair Value
Financial Assets:
Cash and cash equivalents	80,165	116,241
Mortgage loan receivable	3,353	3,417
Interest rate swap agreements	0	1,131
Financial Liabilities:
Mortgage notes payable	1,211,887	1,327,637
Notes payable to banks	553,947	477,967
Interest rate swap agreements	$ 12,641	$ 11,077

Net Income (Loss) Per Common 48

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Numerator:
Basic net income (loss) attributable to common stockholders	$ 37,251	$ (485)	$ 58,658	$ 515
Effect of net income (loss) attributable to noncontrolling interests - unit holders	1,617	0	2,572	(58)
Diluted net income (loss) attributable to common stockholders	$ 38,868	$ (485)	$ 61,230	$ 457
Denominator:
Basic weighted average shares outstanding (in shares)	111,583	100,016	111,449	98,825
Diluted adjusted weighted average shares outstanding (in shares)	116,723	100,016	116,667	104,217
Basic net income per share attributable to Parkway Properties, Inc. (in dollars per shares)	$ 0.33	$ 0	$ 0.53	$ 0.01
Diluted net income per share attributable to Parkway Properties, Inc. (in dollars per share)	$ 0.33	$ 0	$ 0.52	$ 0
Effect of Operating Partnership units
Denominator:
Effect of share-based compensation (in shares)	4,833	0	4,926	5,200
Effect of RSUs
Denominator:
Effect of share-based compensation (in shares)	216	0	201	168
Effect of restricted shares
Denominator:
Effect of share-based compensation (in shares)	5	0	5	13
Effect of deferred incentive share units
Denominator:
Effect of share-based compensation (in shares)	1	0	3	11
Effect of LTIP units
Denominator:
Effect of share-based compensation (in shares)	85	0	83	0

Noncontrolling Interests - Narr

Noncontrolling Interests - Narrative (Details) $ in Thousands

Feb. 10, 2012USD ($)property

Apr. 30, 2014term_extension

Dec. 31, 2013shares

Sep. 30, 2015USD ($)joint_venture

Sep. 30, 2014USD ($)

Sep. 30, 2015USD ($)joint_venture

Sep. 30, 2014USD ($)

Jul. 16, 2015USD ($)

Apr. 08, 2015USD ($)

Dec. 19, 2013shares

Aug. 31, 2012USD ($)parking_space

May. 14, 2008USD ($)

Real Estate Properties [Line Items]

Number of interests in joint ventures | joint_venture

2

2

Increased investment capacity

$ 20,000

Gain (loss) in continuing operations

$ 0

$ 0

$ 0

$ 10,463

TPGI

Real Estate Properties [Line Items]

Outstanding common units in the operating partnership that were issued in exchange for outstanding limited partnership interests (in shares) | shares

4,300,000

Parkway Properties LP

Real Estate Properties [Line Items]

Company's ownership (as a percent)

95.90%

95.90%

Hayden Ferry Lakeside III

Real Estate Properties [Line Items]

Company's ownership (as a percent)

70.00%

Parking Garage

Real Estate Properties [Line Items]

Number of parking space garage | parking_space

2,500

Office Building | Lincoln Place | Miami, Florida

Real Estate Properties [Line Items]

Outstanding common units in the operating partnership that were issued in connection with the acquisition (in shares) | shares

554,400

Office Building | Two Ravinia Drive | Fund II

Real Estate Properties [Line Items]

Gross sale price

$ 78,000

Gain (loss) in continuing operations

$ 29,000

Office Building | Two Ravinia Drive | Parent Company

Real Estate Properties [Line Items]

Gain (loss) in continuing operations

8,700

Office Building | 245 Riverside | Fund II

Real Estate Properties [Line Items]

Gross sale price

$ 25,100

Gain (loss) in continuing operations

7,200

Office Building | 245 Riverside | Parent Company

Real Estate Properties [Line Items]

Gain (loss) in continuing operations

$ 2,200

Condominium Project | Murano

Real Estate Properties [Line Items]

Ownership interest (as a percent)

27.00%

27.00%

Excess of ownership interest (as a percent)

73.00%

Fund II

Real Estate Properties [Line Items]

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

Annual cumulative preferred return (as a percent)

9.00%

Term of the fund

7 years

Number of term extension provisions | term_extension

2

Length of extension term

1 year

Fund II | TRST

Real Estate Properties [Line Items]

Target ownership percentage

70.00%

Distribution percentage to TRST

56.00%

Fund II | Parkway

Real Estate Properties [Line Items]

Target ownership percentage

30.00%

Distribution percentage to TRST

44.00%

Noncontrolling Interests - Fund

Noncontrolling Interests - Fund II Assets (Details)	9 Months Ended
	Sep. 30, 2015
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%
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%

Discontinued Operations - Incom

Discontinued Operations - Income from Office Property Disposition and Held for Sale (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Book Value of Real Estate	$ 2,968,222		$ 2,968,222		$ 3,024,271
Gain on Sale	$ 0	$ 0	$ 0	$ 10,463
2014 Dispositions
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net Sales Price		26,681		26,681
Net Book Value of Real Estate		16,218		16,218
Gain on Sale		$ 10,463		$ 10,463
Woodbranch Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location		Houston, TX		Houston, TX
Date of Sale		Jan. 14, 2014		Jan. 14, 2014
Net Sales Price		$ 14,424		$ 14,424
Net Book Value of Real Estate		4,450		4,450
Gain on Sale		$ 9,974		$ 9,974
Mesa Corporate Center
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Location		Phoenix, AZ		Phoenix, AZ
Date of Sale		Jan. 31, 2014		Jan. 31, 2014
Net Sales Price		$ 12,257		$ 12,257
Net Book Value of Real Estate		11,768		11,768
Gain on Sale		$ 489		$ 489

Discontinued Operations - Reven

Discontinued Operations - Revenues and Expenses in Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues
Income from office and parking properties	$ 0	$ 52	$ 0	$ 99
Expenses
Operating expenses	0	341	0	364
Depreciation and amortization	0	0	0	116
Total expenses	0	341	0	480
Loss from discontinued operations	0	(289)	0	(381)
Net gains on sale of real estate from discontinued operations	0	0	0	10,463
Total discontinued operations	0	(289)	0	10,082
Net (income) loss attributable to noncontrolling interest from discontinued operations - unit holders	0	111	0	(406)
Total discontinued operations - Company's share	$ 0	$ (178)	$ 0	$ 9,676

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 491	$ 164	$ 1,009	$ 762

Share-Based and Long-Term Com54

Share-Based and Long-Term Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	May. 14, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense		$ 5,100	$ 6,800
Total compensation expense related to non-vested awards not yet recognized		$ 7,100
Weighted average period over which expense is expected to be recognized		1 year 2 months
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares)		0
Average price per option (dollars per share)		$ 4.18		$ 4.17
Time Vesting RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		267,596
Average price per option (dollars per share)		$ 14.74		16.03
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		147,302
Average price per option (dollars per share)		$ 8.58		9.26
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		0
Average price per option (dollars per share)		$ 13.82		14.61
Deferred Incentive Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		0
Average price per option (dollars per share)		$ 9.86		$ 16.63
2015 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of commons stock (in shares)	2,500,000
2015 Equity Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		3 years
2015 Equity Plan | Minimum | Performance
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year
2013 Equity Plan | LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		447,938
Value of time-vesting RSUs outstanding		$ 3,800
Average price per option (dollars per share)		$ 8.58
2013 Equity Plan | 25% per Year in the First Four Years | Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares)		1,850,000
Award vesting rights (as a percent)		25.00%
Number of options vested (in shares)		431,250
Number of options remain unvested (in shares)		862,500
Value of stock options		$ 3,600
Average price per option (dollars per share)		$ 4.18
2013 Equity Plan | 25% per Year in the First Four Years | Time Vesting RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		449,850
Value of time-vesting RSUs outstanding		$ 8,200
Average price per option (dollars per share)		$ 18.16
2013 Equity Plan | Performance | Time Vesting RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		233,528
Value of time-vesting RSUs outstanding		$ 1,900
Average price per option (dollars per share)		$ 8.15
2010 Equity Plan | Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		4 years
Number of time-vesting RSUs granted (in shares)		5,426
Value of time-vesting RSUs outstanding		$ 75
Average price per option (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 time-vesting RSUs granted (in shares)		480
Value of time-vesting RSUs outstanding		$ 5
Average price per option (dollars per share)		$ 9.86

Share-Based and Long-Term Com55

Share-Based and Long-Term Compensation Plans - Summary of Share Unit Activity (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Shares
Number of Shares
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
Balance at beginning of period (in dollars per share) | $ / shares	$ 14.61
Granted (in dollars per share) | $ / shares	0
Vested/Exercised (in dollars per share) | $ / shares	15.13
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 13.82
Deferred Incentive Share Units
Number of Shares
Balance at beginning of period (in shares)	6,855
Granted (in shares)	0
Vested/Exercised (in shares)	(5,745)
Forfeited (in shares)	(630)
Balance at end of period (in shares)	480
Weighted Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 16.63
Granted (in dollars per share) | $ / shares	0
Vested/Exercised (in dollars per share) | $ / shares	17.56
Forfeited (in dollars per share) | $ / shares	13.34
Balance at end of period (in dollars per share) | $ / shares	$ 9.86
Stock Options
Number of Options
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 Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 4.17
Granted (in dollars per share) | $ / shares	0
Vested/Exercised (in dollars per share) | $ / shares	4.18
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 4.18
RSUs
Number of Shares
Balance at beginning of period (in shares)	504,534
Granted (in shares)	267,596
Vested/Exercised (in shares)	(88,752)
Forfeited (in shares)	0
Balance at end of period (in shares)	683,378
Weighted Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 16.03
Granted (in dollars per share) | $ / shares	13.50
Vested/Exercised (in dollars per share) | $ / shares	18.34
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 14.74
LTIP Units
Number of Shares
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
Balance at beginning of period (in dollars per share) | $ / shares	$ 9.26
Granted (in dollars per share) | $ / shares	7.18
Vested/Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 8.58

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands	Sep. 30, 2015USD ($)
Monitoring Fee | TPG VI Management, LLC | Management Services Agreement
Related Party Transaction [Line Items]
Payment of management fee	$ 250

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2015USD ($)
Tenant Improvements
Other Commitments [Line Items]
Future obligations under leases	$ 74.5
Leasing Commissions
Other Commitments [Line Items]
Future obligations under leases	$ 6.2

Subsequent Events (Details)

Subsequent Events (Details) - Office Building - USD ($) $ in Millions	Oct. 01, 2015	Dec. 31, 2015	Aug. 26, 2015
7000 Central Park
Subsequent Event [Line Items]
Ownership interest (as a percent)			40.00%
7000 Central Park | Forecast
Subsequent Event [Line Items]
Gross sale price		$ 85.3
Two Buckhead Plaza | Subsequent Event
Subsequent Event [Line Items]
Gross purchase price	$ 80
Interest rate	6.43%
Two Buckhead Plaza | Subsequent Event | First Mortgage
Subsequent Event [Line Items]
Outstanding balance	$ 52