Parkway Properties 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 01, 2016
Entity Information [Line Items]
Entity Registrant Name	PARKWAY PROPERTIES INC
Entity Central Index Key	729,237
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding
Entity Information [Line Items]
Shares Outstanding		111,768,031
Limited Voting Stock, Shares Outstanding
Entity Information [Line Items]
Shares Outstanding		4,213,104

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Real estate related investments:
Office properties	$ 3,220,262	$ 3,332,021
Accumulated depreciation	(347,778)	(308,772)
Total real estate related investments, net	2,872,484	3,023,249
Mortgage loan receivable	3,289	3,331
Investment in unconsolidated joint ventures	45,262	39,592
Cash and cash equivalents	71,838	74,961
Receivables and other assets	310,050	299,709
Intangible assets, net	123,684	146,688
Assets held for sale	21,448	21,373
Management contract intangibles, net	0	378
Total assets	3,448,055	3,609,281
Liabilities
Notes payable to banks, net	543,742	542,880
Mortgage notes payable, net	1,058,691	1,235,502
Accounts payable and other liabilities	180,324	193,685
Liabilities related to assets held for sale	11,677	1,003
Total liabilities	1,794,434	1,973,070
Parkway Properties, Inc. stockholders' equity:
Common stock, $.001 par value, 215,500,000 shares authorized and 111,734,698 and 111,631,153 shares issued and outstanding in 2016 and 2015, respectively	112	112
Limited voting stock, $.001 par value, 4,500,000 authorized and 4,213,104 shares issued and outstanding	4	4
Additional paid-in capital	1,858,071	1,854,913
Accumulated other comprehensive loss	(11,319)	(6,199)
Accumulated deficit	(442,883)	(460,131)
Total Parkway Properties, Inc. stockholders' equity	1,403,985	1,388,699
Noncontrolling interests	249,636	247,512
Total equity	1,653,621	1,636,211
Total liabilities and equity	$ 3,448,055	$ 3,609,281

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
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)	111,734,698	111,631,153
Common stock, shares outstanding (in shares)	111,734,698	111,631,153
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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues
Income from office properties	$ 106,249	$ 114,252	$ 215,877	$ 231,167
Management company income	1,260	2,821	2,696	5,586
Sale of condominium units	0	9,832	0	9,836
Total revenues	107,509	126,905	218,573	246,589
Expenses
Property operating expenses	41,272	43,580	84,205	88,574
Management company expenses	1,189	2,571	1,863	5,291
Cost of sales – condominium units	0	9,889	0	10,091
Depreciation and amortization	38,631	47,056	80,571	96,192
Impairment loss on real estate	0	4,400	0	5,400
General and administrative	12,264	7,747	19,263	16,631
Acquisition costs	0	196	0	667
Total expenses	93,356	115,439	185,902	222,846
Operating income	14,153	11,466	32,671	23,743
Other income and expenses
Interest and other income	191	312	435	482
Equity in earnings of unconsolidated joint ventures	270	422	519	584
Net gains (losses) on sale of real estate	(38)	45,246	62,982	59,562
Gain (loss) on extinguishment of debt, net	462	(4,919)	462	(4,840)
Interest expense	(15,798)	(17,676)	(32,713)	(36,874)
Income (loss) before income taxes	(760)	34,851	64,356	42,657
Income tax expense	(312)	(326)	(887)	(518)
Net income (loss)	(1,072)	34,525	63,469	42,139
Net (income) loss attributable to noncontrolling interests – unit holders	89	(607)	(2,566)	(955)
Net income attributable to noncontrolling interests – real estate partnerships	(1,176)	(19,786)	(1,669)	(19,777)
Net income (loss) for Parkway Properties, Inc. and attributable to common stockholders	(2,159)	14,132	59,234	21,407
Net income (loss)	(1,072)	34,525	63,469	42,139
Other comprehensive income (loss)	(977)	3,635	(5,264)	412
Comprehensive income (loss)	(2,049)	38,160	58,205	42,551
Comprehensive income attributable to noncontrolling interests	(1,122)	(21,444)	(4,091)	(21,613)
Comprehensive income (loss) attributable to common stockholders	$ (3,171)	$ 16,716	$ 54,114	$ 20,938
Net income (loss) per common share attributable to Parkway Properties, Inc.:
Basic net income (loss) per common share attributable to Parkway Properties, Inc. (in dollars per share)	$ (0.02)	$ 0.13	$ 0.53	$ 0.19
Diluted net income (loss) per common share attributable to Parkway Properties, Inc. (in dollars per share)	$ (0.02)	$ 0.13	$ 0.53	$ 0.19
Weighted average shares outstanding:
Basic (in shares)	111,725	111,543	111,692	111,381
Diluted (in shares)	111,725	116,666	116,957	116,638

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY - 6 months ended Jun. 30, 2016 - 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, 2015	$ 1,636,211	$ 112	$ 4	$ 1,854,913	$ (6,199)	$ (460,131)	$ 247,512
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	63,469					59,234	4,235
Other comprehensive loss	(5,264)				(5,120)		(144)
Common dividends declared – $0.375 per share	(43,810)					(41,986)	(1,824)
Share-based compensation	2,792			2,792
Issuance of 16,325 shares to directors	275			275
Issuance of common stock upon redemption of Operating Partnership units	0	0		91			(91)
Distributions to noncontrolling interests	(52)						(52)
Ending balance at Jun. 30, 2016	$ 1,653,621	$ 112	$ 4	$ 1,858,071	$ (11,319)	$ (442,883)	$ 249,636

CONSOLIDATED STATEMENT OF CHAN6

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Parenthetical)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Statement of Stockholders' Equity [Abstract]
Common dividends declared per share (in dollars per share) | $ / shares	$ 0.375
Stock Issued During Period, Shares, Share-based Compensation, Gross	16,325
Common stock issued upon redemption of Operating Partnership units	5,096

CONSOLIODATED STATEMENTS OF CAS

CONSOLIODATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net income	$ 63,469	$ 42,139
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	80,571	96,192
Amortization of below market leases, net	(3,283)	(8,620)
Amortization of financing costs	1,551	1,624
Amortization of debt premium, net	(5,874)	(5,908)
Non-cash adjustment for interest rate swaps	(47)	205
Share-based compensation	3,067	3,459
Deferred income tax expense (benefit)	256	(401)
Net gains on sale of real estate	(62,982)	(59,562)
Impairment loss on real estate	0	5,400
(Gain) loss on extinguishment of debt, net	(462)	4,840
Equity in earnings of unconsolidated joint ventures	(519)	(584)
Distributions of income from unconsolidated joint ventures	1,301	1,990
Change in deferred leasing costs	(14,260)	(7,780)
Changes in operating assets and liabilities:
Change in condominium units	0	8,649
Change in receivables and other assets	(16,353)	(10,061)
Change in accounts payable and other liabilities	(7,217)	(16,930)
Net cash provided by operating activities	39,218	54,652
Investing activities
Proceeds from mortgage loan receivable	42	43
Investment in unconsolidated joint ventures, net	540	(2,649)
Distributions of capital from unconsolidated joint ventures	20,034	3,021
Investment in real estate	0	(145,386)
Proceeds from sale of real estate	191,712	198,004
Real estate development	(973)	(20,983)
Improvements to real estate	(48,786)	(20,833)
Net cash provided by investing activities	162,569	11,217
Financing activities
Principal payments on mortgage notes payable	(168,851)	(145,989)
Proceeds from mortgage notes payable	8,107	10,769
Proceeds from bank borrowings	0	454,850
Payments on bank borrowings	0	(336,350)
Debt financing costs	(260)	(2,739)
Dividends paid on common stock	(42,030)	(41,845)
Dividends paid on common units of Operating Partnership	(1,824)	(1,892)
Contributions from noncontrolling interest partners	0	2,125
Distributions to noncontrolling interest partners	(52)	(47,440)
Other	0	(209)
Net cash used in financing activities	(204,910)	(108,720)
Change in cash and cash equivalents	(3,123)	(42,851)
Cash and cash equivalents at beginning of period	74,961	116,241
Cash and cash equivalents at end of period	71,838	73,390
Supplemental cash flow information:
Cash paid for interest	37,874	41,629
Cash paid for income taxes	1,277	940
Supplemental schedule of non-cash investing and financing activity:
Operating Partnership units converted to common stock	91	6,337
Transfer of assets classified as held for sale, net	75	27,248
Transfer of liabilities classified as held for sale, net	10,674	179
Deconsolidation of ownership interest in Courvoisier Centre	$ 27	$ 0

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 properties in high-growth submarkets in the Sunbelt region of the United States. At July 1, 2016 , the Company owned or had an interest in a portfolio of 34 office properties located in six states with an aggregate of approximately 14.0 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 2.7 million square feet primarily for third-party property owners at July 1, 2016 . Unless otherwise indicated, all references to square feet represent net rentable area. The Company is the sole, indirect general partner of Parkway Properties LP (the "Operating Partnership" or "Parkway LP") and, as of June 30, 2016 , owned a 95.9% interest in the Operating Partnership. Substantially all of the assets of the Company are owned by 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 acquisitions of properties to the Operating Partnership. As the sole, indirect 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 consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") 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. 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 consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ended December 31, 2016 . These financial statements should be read in conjunction with the 2015 annual report on Form 10-K and the audited financial statements included therein and the notes thereto. The balance sheet at December 31, 2015 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. Recent Significant Activity On April 28, 2016, the Company, the Operating Partnership, Cousins Properties Incorporated ("Cousins") and Clinic Sub Inc., a wholly owned subsidiary of Cousins ("Merger Sub"), entered into an Agreement and Plan of Merger (the "Merger Agreement"), pursuant to which the Company will merge with and into Merger Sub (the "Merger"), with Merger Sub continuing as the surviving corporation of the Merger and a wholly owned subsidiary of Cousins. Pursuant to the Merger Agreement, at the closing time of the Merger (the "Effective Time"), each share of the Company's common stock and each share of the Company's limited voting stock issued and outstanding immediately prior to the Effective Time will be converted into the right to receive 1.63 newly issued shares of Cousins common stock, par value $1.00 per share, and 1.63 newly issued shares of Cousins limited voting preferred stock, par value $1.00 per share, respectively. Holders of the Operating Partnership units will be entitled to exercise their rights to redeem their Operating Partnership units prior to the Effective Time and, upon such redemption, will be entitled to receive shares of the Company's common stock that will be converted into Cousins common stock as described above. Pursuant to the Merger Agreement, on the business day following the Effective Time, Cousins will separate from the combined businesses (the "combined company") the portion of the combined businesses relating to the ownership of real properties in Houston, Texas (the "Houston Business"), along with certain fee-based real estate services (such separation, the "Separation"). After the Separation, Cousins will distribute pro rata to its stockholders (which include all stockholders of the combined company) all of the outstanding voting shares of common stock of a new publicly traded REIT called Parkway, Inc. ("New Parkway"), containing the Houston Business (the "Spin-Off", and together with the Merger and the related transactions, the "Transactions"). Cousins (or a subsidiary of Cousins) will retain all of the shares of a class of non-voting preferred stock of New Parkway, upon the terms and subject to the conditions of the Merger Agreement. After the Spin-Off, New Parkway will be a separate, publicly-traded entity, and both Cousins and New Parkway intend to operate prospectively as UPREITs. The Merger Agreement contains customary representations and warranties by each party. The Company and Cousins have also agreed to various customary covenants and agreements, including, among others, to conduct their respective businesses in the ordinary course consistent with past practice during the period between the execution of the Merger Agreement and the Effective Time, to not engage in certain kinds of transactions during this period and to maintain REIT status. Additionally, the Company has agreed to use commercially reasonable efforts to sell certain of its properties prior to the Effective Time, upon the terms and subject to the conditions of the Merger Agreement. The Company and Cousins have also agreed that, prior to the Effective Time, each may continue to pay their regular quarterly dividends, but may not increase the amounts, except to the extent required to maintain REIT status. The parties will coordinate record and payment dates for all pre-closing dividends. The Merger is subject to certain closing conditions, including but not limited to stockholder approval by the stockholders of each of the Company and Cousins. As a result, the Company can provide no assurances when the Merger will close, if at all. Pursuant to the Merger Agreement, if the Merger Agreement is terminated for certain reasons, then under certain circumstances the Company may be required to pay Cousins a termination fee of $65 million or an expense reimbursement amount of $20 million . Each of the boards of directors of the Company and Cousins has called a special meeting of its respective stockholders on August 23, 2016 at 2:00 p.m. Eastern Time. At the Company's special meeting, its stockholders will vote on a proposal to approve the Merger, as well as other related proposals. The record date for determination of stockholders of the Company entitled to vote at its special meeting has been set as the close of business on July 15, 2016. Costs incurred by the Company related to the Transactions are reflected in general and administrative expenses on the Company's consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2016 . Impairment Loss on Real Estate During the three months ended June 30, 2015, the Company recorded a $4.4 million impairment loss on real estate in connection with the excess of its carrying value over its estimated fair value of 550 Greens Parkway, an office property located in Houston, Texas. During the first quarter of 2015, the Company recorded a $1.0 million impairment loss on real estate in connection with the excess of its carrying value over its estimated fair value of City Centre, an office property located in Jackson, Mississippi. The Company did not record any impairment losses on real estate during the three and six months ended June 30, 2016 . Reclassifications Certain reclassifications have been made in the 2015 consolidated financial statements to conform to the 2016 classifications with no impact on previously reported net income or equity. Recent Accounting Pronouncements Adopted In February 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-02, "Amendments to the Consolidated Analysis." This update amends 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 Company adopted this update on January 1, 2016. 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. As a result of the adoption of this guidance, the Company determined that Parkway Properties Office Fund II, L.P. ("Fund II") and the Operating Partnership are VIEs. The Company is considered to be the primary beneficiary for both entities. The adoption of this guidance does not impact the Company's consolidated financial statements as the Company will continue to consolidate Fund II and the Operating Partnership in its consolidated financial statements. As of June 30, 2016 and December 31, 2015, Fund II had total assets of $544.6 million and $536.5 million , respectively, and total liabilities of $299.3 million and $294.1 million , respectively. 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. The Company adopted this update on January 1, 2016. Retrospective application of the guidance set forth in this update is required and resulted in a reclassification of the deferred financing costs previously recorded in receivables and other assets within the consolidated balance sheets to a direct deduction from the carrying amount of debt within total liabilities. The impact of this adoption on the Company's previously reported period is as follows (in thousands): Balance Sheet Classification As previously filed on December 31, 2015 Consolidated Balance Sheet Impact of Adoption of ASU No. 2015-03 As adjusted on December 31, 2015 Consolidated Balance Sheet Receivables and Other Assets $ 309,663 $ (9,954 ) $ 299,709 Notes Payable to Banks, Net $ 550,000 $ (7,120 ) $ 542,880 Mortgage Notes Payable, Net $ 1,238,336 $ (2,834 ) $ 1,235,502 Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 will be effective for the Company’s fiscal year beginning January 1, 2019 and subsequent interim periods. The Company is currently assessing this guidance for future implementation. In March 2016, the FASB issued ASU No. 2016-07, "Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting," ("ASU 2016-07"). ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, no retroactive adjustment of the investment is required. ASU 2016-07 will be effective for the Company’s fiscal year beginning January 1, 2017 and subsequent interim periods. The Company is currently assessing this guidance for future implementation. In March 2016, the FASB issued ASU No. 2016-09, "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, treatment of forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company’s fiscal year beginning January 1, 2017 and subsequent interim periods. The Company is currently assessing this guidance for future implementation.

Investment in Office Properties

Investment in Office Properties	6 Months Ended
	Jun. 30, 2016
Real Estate [Abstract]
Investment in Office Properties	Investment in Office Properties At June 30, 2016 , investment in office properties included 32 office properties located in six states. Summary of Dispositions On January 22, 2016, the Company sold 5300 Memorial, an office property located in Houston, Texas, for a gross sale price of $33.0 million , and recognized a gain of approximately $20.5 million during the six months ended June 30, 2016 . As of December 31, 2015, the Company recorded assets held for sale and liabilities related to assets held for sale related to this property of $12.0 million and $398,000 , respectively. On January 22, 2016, the Company sold Town and Country, an office property located in Houston, Texas, for a gross sale price of $27.0 million , and recognized a gain of approximately $17.3 million during the six months ended June 30, 2016 . As of December 31, 2015, the Company recorded assets held for sale and liabilities related to assets held for sale related to this property of $9.4 million and $605,000 , respectively. On February 5, 2016, the Company sold 80% of its interest in Courvoisier Centre, a complex of two office buildings located in the Brickell submarket of Miami, Florida, to a joint venture with a third party investor at a gross asset value of $175.0 million . Simultaneous with the closing of the joint venture transaction, the joint venture closed on a $106.5 million first mortgage secured by the asset, which has a fixed interest rate of 4.6% , matures in March 2026 and is interest-only through maturity. The recapitalization of Courvoisier Centre resulted in net proceeds to the Company of $154.3 million . The Company retained a 20% noncontrolling ownership interest in the property. The Company deconsolidated the asset, recognized a gain on the 80% interest sold of approximately $25.3 million during the six months ended June 30, 2016 , and reflected the 20% retained noncontrolling interest as an equity method investment based on its original investment. The deconsolidation of the asset and the establishment of the equity method investment is represented in the Company's supplemental schedule of non-cash investing activities.

Mortgage Loan Receivable

Mortgage Loan Receivable	6 Months Ended
	Jun. 30, 2016
Receivables [Abstract]
Mortgage Loan Receivable	Mortgage Loan Receivable On June 3, 2013, the Company issued a $13.9 million first mortgage loan to the US Airways Building Tenancy in Common, 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 mortgage loan has a fixed interest rate of 3.0% and matures on December 31, 2016. As of June 30, 2016 and December 31, 2015 , the balance of the mortgage loan was $12.9 million and $13.1 million , respectively. Because the Company acts as both the lender and the borrower for this mortgage loan, its share of the mortgage loan is not reflected on the Company's consolidated balance sheets. As of June 30, 2016 and December 31, 2015 , the balance of the Company's mortgage loan receivable was $3.3 million .

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures In addition to the 32 office properties included in the consolidated financial statements, the Company was also invested in four unconsolidated joint ventures, which own two operating properties, as of June 30, 2016 . Accordingly, the assets and liabilities of the joint ventures are not included on the Company's consolidated balance sheets at June 30, 2016 and December 31, 2015 . Information relating to these unconsolidated joint ventures is summarized below (dollars in thousands): Joint Venture Entity Location Parkway's Ownership% Investment Balance at June 30, 2016 Investment Balance at December 31, 2015 US Airways Building Tenancy in Common ("US Airways Building") Phoenix, AZ 74.58% $ 37,783 $ 38,472 7000 Central Park JV LLC ("7000 Central Park") (1) Atlanta, GA 40.00% 127 120 Tryon Place, LLC (2) Charlotte, NC 14.80% 1,000 1,000 Courvoisier Centre JV, LLC ("Courvoisier Joint Venture") Miami, FL 20.00% 6,352 — $ 45,262 $ 39,592 (1) The Company and its joint venture partner sold 7000 Central Park on November 6, 2015. (2) On December 23, 2015, the Company entered into a joint venture agreement with a third party investor for the purpose of exploring a development opportunity in Charlotte, North Carolina . The following table summarizes the combined balance sheets of the unconsolidated joint ventures at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Cash $ 2,305 $ 559 Restricted cash 183 — Real estate, net 213,161 46,087 Intangible assets, net 8,771 2,265 Receivables and other assets 11,534 3,513 Total assets $ 235,954 $ 52,424 Mortgage debt $ 118,015 $ 13,105 Other liabilities 9,339 466 Partners' equity 108,600 38,853 Total liabilities and partners' equity $ 235,954 $ 52,424 The following table summarizes the combined statements of operations of the unconsolidated joint ventures for the three months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, 2016 June 30, 2015 Revenues $ 5,059 $ 3,167 Operating expenses (1,782 ) (949 ) Depreciation and amortization (2,145 ) (1,664 ) Operating income before other income and expenses 1,132 554 Interest expense (1,323 ) (251 ) Loan cost amortization (36 ) (41 ) Net income (loss) $ (227 ) $ 262 The following table summarizes the combined statements of operations of the unconsolidated joint ventures for the six months ended June 30, 2016 and 2015 (in thousands): Six Months Ended June 30, 2016 June 30, 2015 Revenues $ 8,682 $ 6,134 Operating expenses (3,170 ) (1,983 ) Depreciation and amortization (3,686 ) (3,815 ) Operating income before other income and expenses 1,826 336 Interest expense (2,171 ) (500 ) Loan cost amortization (61 ) (84 ) Net loss $ (406 ) $ (248 ) As of June 30, 2016 , the Company's net investment in the Courvoisier Joint Venture was $6.4 million , which consists of the Company's $14.1 million share of the joint venture's equity less an excess investment credit of $7.7 million . "Excess Investment" represents the unamortized difference of the Company's investment over/under the share of the equity in the underlying net assets of the joint venture and is allocated on a fair value basis primarily to investment property and lease related intangibles. The Company amortizes the excess investment over the life of the related depreciable components of investment property, typically no greater than 39 years, or the terms of the applicable leases, respectively. The amortization is included in the reported amount of equity in earnings from unconsolidated joint ventures.

Capital and Financing Transacti

Capital and Financing Transactions	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Capital and Financing Transactions	Capital and Financing Transactions Notes Payable to Banks, Net At June 30, 2016 and December 31, 2015 , the carrying amounts of the Company's notes payable to banks, net were $543.7 million and $542.9 million , respectively, including $550.0 million outstanding under the following term loans (in thousands): Credit Facilities Interest Rate Initial Maturity Outstanding Balance at June 30, 2016 Outstanding Balance at December 31, 2015 $10.0 Million Working Capital Revolving Credit Facility 1.8% 03/30/2018 $ — $ — $450.0 Million Revolving Credit Facility 1.8% 03/30/2018 — — $250.0 Million Five-Year Term Loan 2.6% 03/29/2019 250,000 250,000 $200.0 Million Five-Year Term Loan 1.8% 06/26/2020 200,000 200,000 $100.0 Million Seven-Year Term Loan 4.4% 03/31/2021 100,000 100,000 Notes payable to banks outstanding 550,000 550,000 Unamortized debt issuance costs, net (6,258 ) (7,120 ) Notes payable to banks, net $ 543,742 $ 542,880 Mortgage Notes Payable, Net At June 30, 2016 , the Company had $1.1 billion of mortgage notes payable, net secured by office properties, including unamortized net premiums on debt acquired of $13.5 million and unamortized debt issuance costs of $2.4 million , with a weighted average interest rate of 4.1% . On April 6, 2016, the Company paid in full the $114.0 million mortgage debt secured by CityWestPlace I and II and recognized a gain on extinguishment of debt of $154,000 during the six months ended June 30, 2016 . On April 11, 2016, the Company paid in full the $47.9 million mortgage debt secured by Lincoln Place and recognized a gain on extinguishment of debt of $308,000 during the six months ended June 30, 2016 . Fund II drew approximately $8.1 million on its construction loan secured by the Hayden Ferry Lakeside III development in the Tempe submarket of Phoenix, Arizona during the six months ended June 30, 2016 . As of June 30, 2016 , the balance of the construction loan payable was approximately $39.8 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 and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2016 and 2015, such derivatives were used to hedge the variable cash flows associated with variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. See "Note 6—Fair Values of Financial Instruments" for the fair value of the Company's derivative financial instruments as well as their classification on the Company's consolidated balance sheets as of June 30, 2016 and December 31, 2015 . Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's investments and borrowings. Tabular Disclosure of the Effect of Derivative Instruments on the Statements of Operations and Comprehensive Income (Loss) The table below presents the effect of the Company's derivative financial instruments on the Company's consolidated statements of operations and comprehensive income (loss) for the three and six months ended June 30, 2016 and 2015 (in thousands): Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives $ (2,341 ) $ 680 $ (8,017 ) $ (4,425 ) Net loss reclassified from accumulated other comprehensive income (loss) into earnings $ 1,353 $ 1,734 $ 2,716 $ 3,592 Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ 11 $ 1,221 $ 37 $ 1,245

Fair Values of Financial Instru

Fair Values of Financial Instruments	6 Months Ended
	Jun. 30, 2016
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). Fair values of financial instruments were as follows (in thousands): As of June 30, 2016 As of December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 71,838 $ 71,838 $ 74,961 $ 74,961 Mortgage loan receivable 3,289 3,289 3,331 3,331 Interest rate swap agreements — — 474 474 Financial Liabilities: Mortgage notes payable, net $ 1,058,691 $ 1,092,792 $ 1,235,502 $ 1,235,553 Notes payable to banks, net 543,742 556,675 542,880 548,414 Interest rate swap agreements 13,769 13,769 9,026 9,026 The methods and assumptions used to estimate fair value for each class of financial asset or liability are discussed below: Cash and cash equivalents: The carrying amount for cash and cash equivalents approximates fair value. 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 assignments utilize Level 2 and Level 3 inputs as defined by ASC 820. The fair value assigned to the long-lived assets for which there was impairment recorded utilize Level 2 inputs as defined by ASC 820.

Net Income (Loss) Per Common Sh

Net Income (Loss) Per Common Share	6 Months Ended
	Jun. 30, 2016
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, time-vesting and performance-vesting restricted share units ("RSUs"), restricted shares, deferred incentive share units and profits interest units ("LTIP units") were exercised or converted into common stock that then shared in the earnings of the Company. The computation of diluted EPS is as follows (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Basic net income (loss) attributable to common stockholders $ (2,159 ) $ 14,132 $ 59,234 $ 21,407 Effect of net income (loss) attributable to noncontrolling interests - unit holders (89 ) 607 2,566 955 Diluted net income (loss) attributable to common stockholders $ (2,248 ) $ 14,739 $ 61,800 $ 22,362 Denominator: Basic weighted average shares outstanding 111,725 111,543 111,692 111,381 Effect of Operating Partnership units — 4,833 4,830 4,973 Effect of time-vesting RSUs — 198 230 194 Effect of performance-vesting RSUs — — 90 — Effect of restricted shares — 5 — 5 Effect of deferred incentive share units — 4 — 5 Effect of LTIP units — 83 115 80 Diluted adjusted weighted average shares outstanding 111,725 116,666 116,957 116,638 Basic net income (loss) per common share attributable to Parkway Properties, Inc. $ (0.02 ) $ 0.13 $ 0.53 $ 0.19 Diluted net income (loss) per common share attributable to Parkway Properties, Inc. $ (0.02 ) $ 0.13 $ 0.53 $ 0.19 The computation of diluted EPS for the three months ended June 30, 2016 does not include the effect of Operating Partnership units, employee stock options, RSUs, restricted shares and LTIP units, as their inclusion would have been anti-dilutive. Terms and conditions of these awards are described in "Note 9—Share-Based and Long-Term Compensation Plans."

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company elected to be taxed as a REIT under the Code. In January 1998, the Company completed its reorganization into an umbrella partnership real estate investment trust ("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. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute annually at least 90% of its "REIT taxable income," subject to certain adjustments and excluding any net capital gain to its stockholders. It is management's current intention to adhere to these requirements and maintain the Company's REIT status, and the Company believes that it was in compliance with all REIT requirements at June 30, 2016 and December 31, 2015 . As a REIT, the Company generally will not be subject to corporate level U.S. federal income tax on taxable income it distributes currently to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income taxes on its undistributed taxable income. The Operating Partnership is a pass-through entity generally not subject to U.S. federal and state income taxes, as all of the taxable income, gains and deductions are passed through its partners. However, the Operating Partnership is subject to certain income taxes in Texas. In addition, the Company has elected to treat certain consolidated subsidiaries as taxable REIT subsidiaries ("TRSs"), which are tax paying entities for income tax purposes and are taxed separately from the Company. TRSs may participate in non-real estate related activities and/or perform non-customary services for customers and are subject to U.S. federal and state income tax at regular corporate tax rates. The Company’s provision for income taxes was $312,000 and $326,000 for the three months ended June 30, 2016 and 2015, respectively, and $887,000 and $518,000 for the six months ended June 30, 2016 and 2015, respectively.

Share-Based and Long-Term Compe

Share-Based and Long-Term Compensation Plans	6 Months Ended
	Jun. 30, 2016
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. 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; (2) stock appreciation rights ("SARs"); (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 SARs, 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") may waive vesting requirements upon a participant’s death, disability, retirement, or other specified termination of service or upon a change in control. Through June 30, 2016 , the Company had stock options, RSUs and LTIP units outstanding under the 2015 Equity Plan, each as described below. Long-Term Equity Incentives At June 30, 2016 , a total of 1,293,750 shares underlying stock options had been granted to officers of the Company and remain outstanding under the 2015 Equity Plan, of which 431,250 options remain unvested, and 862,500 options remain unexercised. The unvested stock options are valued at $1.8 million , which equates to an average price per option of $4.17 . 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. At June 30, 2016 , a total of 536,764 time-vesting RSUs had been granted to officers of the Company and remain outstanding under the 2015 Equity Plan. The time-vesting RSUs are valued at $8.3 million , which equates to an average price per share of $15.51 . At June 30, 2016 , a total of 555,076 LTIP units had been granted to officers of the Company and remain outstanding under the 2015 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 $6.80 . At June 30, 2016 , a total of 336,240 performance-vesting RSUs had been granted to officers of the Company and remain outstanding under the 2015 Equity Plan. The performance-vesting RSUs are valued at $2.1 million , which equates to an average price per share of $6.20 . 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. Total compensation expense related to restricted shares, deferred incentive share units, stock options, RSUs, and LTIP units of $2.9 million and $3.5 million was recognized in general and administrative expenses on the Company's consolidated statements of operations and comprehensive income (loss) during the six months ended June 30, 2016 and 2015 , respectively. Total compensation expense related to non-vested awards not yet recognized was $7.3 million at June 30, 2016 . The weighted average period over which this expense is expected to be recognized is approximately 1.4 years. A summary of the Company's restricted shares, stock options, RSUs, and LTIP unit activity for the six months ended June 30, 2016 is as follows: Restricted Shares Stock Options Time-Vesting RSUs Performance-Vesting RSUs LTIP Units # of Shares Weighted Average Grant-Date Fair Value # of Options Weighted Average Grant-Date Fair Value # of Share Units 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, 2015 5,189 $ 13.65 1,293,750 $ 4.17 386,748 $ 18.09 215,527 $ 8.11 447,938 $ 8.58 Granted — — — — 247,520 12.47 164,640 4.66 206,640 4.77 Vested / Exercised (5,189 ) 13.65 (431,250 ) 4.17 (93,904 ) 18.21 — — — — Forfeited — — — — (3,600 ) 14.13 (6,000 ) 5.57 — — TSR Not Achieved — — — — — — (37,927 ) 10.50 (99,502 ) 10.60 Balance at June 30, 2016 — $ — 862,500 $ 4.17 536,764 $ 15.51 336,240 $ 6.20 555,076 $ 6.80

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions On May 18, 2011, the Company closed on the Contribution Agreement pursuant to which Eola Capital, LLC ("Eola") contributed its property management company (the "Management Company") to the Company. In connection with the Eola contribution of its Management Company to the Company, a subsidiary of the Company made a $3.5 million preferred equity investment in an entity 21% owned by Mr. Heistand, and which is included in receivables and other assets on the Company's consolidated balance sheets. This investment provides that the Company will be paid a preferred equity return equal to 7% per annum of the preferred equity outstanding. For the six months ended June 30, 2016 and 2015, the Company received preferred equity distributions on this investment in the aggregate amounts of approximately $123,000 . This preferred equity investment was approved by the Board, and recorded as a cost method investment in receivables and other assets on the balance sheet. Certain of the Company's executive officers own interests in properties that are managed and leased by the Management Company. During the three months ended June 30, 2016 and 2015, the Company recorded approximately $77,000 and $92,000 in management fees, respectively, and $193,000 and $242,000 , respectively, in reimbursements related to the management and leasing of these assets. During the six months ended June 30, 2016 and 2015, the Company recorded approximately $156,000 and $230,000 in management fees, respectively, and $388,000 and $536,000 , respectively, in reimbursements related to the management and leasing of these assets. For the three months ended June 30, 2016 and 2015, the Company recorded management fees and reimbursements, net of elimination, related to the unconsolidated joint ventures of approximately $203,000 and $94,000 , respectively. For the six months ended June 30, 2016 and 2015, the Company recorded management fees and reimbursements, net of elimination, related to the unconsolidated joint ventures of approximately $310,000 and $244,000 , respectively. On June 29, 2016, 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.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company and its subsidiaries are, from time to time, parties to litigation arising from the ordinary course of business. The Company does not believe that any such litigation will materially affect its financial position or operations. In connection with the Company's December 19, 2013 merger transactions with Thomas Properties Group, Inc., the Company acquired a 1% limited partnership interest in 2121 Market Street. A mortgage loan secured by a first trust deed on 2121 Market Street is guaranteed by the Company up to a maximum amount of $14.0 million expiring in December 2022. A t June 30, 2016 , the Company had future obligations under leases to fund tenant improvements and leasing commissions of $38.8 million and $1.4 million , respectively.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On July 25, 2016, the Company sold the Stein Mart Building, an office property located in Jacksonville, Florida, for a gross sale price of $23.6 million , and expects to recognize a gain in the third quarter of 2016. In conjunction with the closing of the Stein Mart Building sale, the Company paid in full the $10.6 million mortgage debt secured by the Stein Mart Building and incurred a prepayment fee as part of the repayment of approximately $2.3 million which the Company expects to recognize during the third quarter of 2016. As of June 30, 2016, the Company recorded assets held for sale and liabilities related to assets held for sale related to this property of $21.4 million and $11.7 million , respectively.

Basis of Presentation and Sum20

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") 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. 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 consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation 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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from these estimates. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ended December 31, 2016 . These financial statements should be read in conjunction with the 2015 annual report on Form 10-K and the audited financial statements included therein and the notes thereto. The balance sheet at December 31, 2015 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 2015 consolidated financial statements to conform to the 2016 classifications with no impact on previously reported net income or equity.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Adopted In February 2015, the Financial Accounting Standards Board ("FASB") issued ASU No. 2015-02, "Amendments to the Consolidated Analysis." This update amends 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 Company adopted this update on January 1, 2016. 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. As a result of the adoption of this guidance, the Company determined that Parkway Properties Office Fund II, L.P. ("Fund II") and the Operating Partnership are VIEs. The Company is considered to be the primary beneficiary for both entities. The adoption of this guidance does not impact the Company's consolidated financial statements as the Company will continue to consolidate Fund II and the Operating Partnership in its consolidated financial statements. As of June 30, 2016 and December 31, 2015, Fund II had total assets of $544.6 million and $536.5 million , respectively, and total liabilities of $299.3 million and $294.1 million , respectively. 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. The Company adopted this update on January 1, 2016. Retrospective application of the guidance set forth in this update is required and resulted in a reclassification of the deferred financing costs previously recorded in receivables and other assets within the consolidated balance sheets to a direct deduction from the carrying amount of debt within total liabilities. The impact of this adoption on the Company's previously reported period is as follows (in thousands): Balance Sheet Classification As previously filed on December 31, 2015 Consolidated Balance Sheet Impact of Adoption of ASU No. 2015-03 As adjusted on December 31, 2015 Consolidated Balance Sheet Receivables and Other Assets $ 309,663 $ (9,954 ) $ 299,709 Notes Payable to Banks, Net $ 550,000 $ (7,120 ) $ 542,880 Mortgage Notes Payable, Net $ 1,238,336 $ (2,834 ) $ 1,235,502 Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, "Leases (Topic 842)" ("ASU 2016-02"). ASU 2016-02 increases transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 will be effective for the Company’s fiscal year beginning January 1, 2019 and subsequent interim periods. The Company is currently assessing this guidance for future implementation. In March 2016, the FASB issued ASU No. 2016-07, "Investments—Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting," ("ASU 2016-07"). ASU 2016-07 eliminates the requirement that when an investment qualifies for use of the equity method as a result of an increase in the level of ownership interest or degree of influence, an investor must adjust the investment, results of operations, and retained earnings retroactively on a step-by-step basis as if the equity method had been in effect during all previous periods that the investment had been held. The amendments require that the equity method investor add the cost of acquiring the additional interest in the investee to the current basis of the investor's previously held interest and adopt the equity method of accounting as of the date the investment becomes qualified for equity method accounting. Therefore, no retroactive adjustment of the investment is required. ASU 2016-07 will be effective for the Company’s fiscal year beginning January 1, 2017 and subsequent interim periods. The Company is currently assessing this guidance for future implementation. In March 2016, the FASB issued ASU No. 2016-09, "Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting," ("ASU 2016-09"). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including income tax consequences, treatment of forfeitures, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 will be effective for the Company’s fiscal year beginning January 1, 2017 and subsequent interim periods. The Company is currently assessing this guidance for future implementation.
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 amount for cash and cash equivalents approximates 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 assignments utilize Level 2 and Level 3 inputs as defined by ASC 820. The fair value assigned to the long-lived assets for which there was impairment recorded utilize Level 2 inputs as defined by ASC 820.

Basis of Presentation and Sum21

Basis of Presentation and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of impact on adoption of new accounting pronouncement	The impact of this adoption on the Company's previously reported period is as follows (in thousands): Balance Sheet Classification As previously filed on December 31, 2015 Consolidated Balance Sheet Impact of Adoption of ASU No. 2015-03 As adjusted on December 31, 2015 Consolidated Balance Sheet Receivables and Other Assets $ 309,663 $ (9,954 ) $ 299,709 Notes Payable to Banks, Net $ 550,000 $ (7,120 ) $ 542,880 Mortgage Notes Payable, Net $ 1,238,336 $ (2,834 ) $ 1,235,502

Investment in Unconsolidated 22

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2016
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% Investment Balance at June 30, 2016 Investment Balance at December 31, 2015 US Airways Building Tenancy in Common ("US Airways Building") Phoenix, AZ 74.58% $ 37,783 $ 38,472 7000 Central Park JV LLC ("7000 Central Park") (1) Atlanta, GA 40.00% 127 120 Tryon Place, LLC (2) Charlotte, NC 14.80% 1,000 1,000 Courvoisier Centre JV, LLC ("Courvoisier Joint Venture") Miami, FL 20.00% 6,352 — $ 45,262 $ 39,592 (1) The Company and its joint venture partner sold 7000 Central Park on November 6, 2015. (2) On December 23, 2015, the Company entered into a joint venture agreement with a third party investor for the purpose of exploring a development opportunity in Charlotte, North Carolina .
Schedule of equity method investments financial information	The following table summarizes the combined balance sheets of the unconsolidated joint ventures at June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 December 31, 2015 Cash $ 2,305 $ 559 Restricted cash 183 — Real estate, net 213,161 46,087 Intangible assets, net 8,771 2,265 Receivables and other assets 11,534 3,513 Total assets $ 235,954 $ 52,424 Mortgage debt $ 118,015 $ 13,105 Other liabilities 9,339 466 Partners' equity 108,600 38,853 Total liabilities and partners' equity $ 235,954 $ 52,424 The following table summarizes the combined statements of operations of the unconsolidated joint ventures for the three months ended June 30, 2016 and 2015 (in thousands): Three Months Ended June 30, 2016 June 30, 2015 Revenues $ 5,059 $ 3,167 Operating expenses (1,782 ) (949 ) Depreciation and amortization (2,145 ) (1,664 ) Operating income before other income and expenses 1,132 554 Interest expense (1,323 ) (251 ) Loan cost amortization (36 ) (41 ) Net income (loss) $ (227 ) $ 262 The following table summarizes the combined statements of operations of the unconsolidated joint ventures for the six months ended June 30, 2016 and 2015 (in thousands): Six Months Ended June 30, 2016 June 30, 2015 Revenues $ 8,682 $ 6,134 Operating expenses (3,170 ) (1,983 ) Depreciation and amortization (3,686 ) (3,815 ) Operating income before other income and expenses 1,826 336 Interest expense (2,171 ) (500 ) Loan cost amortization (61 ) (84 ) Net loss $ (406 ) $ (248 )

Capital and Financing Transac23

Capital and Financing Transactions (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of revolving credit facilities and term loans	At June 30, 2016 and December 31, 2015 , the carrying amounts of the Company's notes payable to banks, net were $543.7 million and $542.9 million , respectively, including $550.0 million outstanding under the following term loans (in thousands): Credit Facilities Interest Rate Initial Maturity Outstanding Balance at June 30, 2016 Outstanding Balance at December 31, 2015 $10.0 Million Working Capital Revolving Credit Facility 1.8% 03/30/2018 $ — $ — $450.0 Million Revolving Credit Facility 1.8% 03/30/2018 — — $250.0 Million Five-Year Term Loan 2.6% 03/29/2019 250,000 250,000 $200.0 Million Five-Year Term Loan 1.8% 06/26/2020 200,000 200,000 $100.0 Million Seven-Year Term Loan 4.4% 03/31/2021 100,000 100,000 Notes payable to banks outstanding 550,000 550,000 Unamortized debt issuance costs, net (6,258 ) (7,120 ) Notes payable to banks, net $ 543,742 $ 542,880
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 six months ended June 30, 2016 and 2015 (in thousands): Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives $ (2,341 ) $ 680 $ (8,017 ) $ (4,425 ) Net loss reclassified from accumulated other comprehensive income (loss) into earnings $ 1,353 $ 1,734 $ 2,716 $ 3,592 Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) $ 11 $ 1,221 $ 37 $ 1,245

Fair Values of Financial Inst24

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of fair value, assets and liabilities disclosed on a recurring basis	Fair values of financial instruments were as follows (in thousands): As of June 30, 2016 As of December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Assets: Cash and cash equivalents $ 71,838 $ 71,838 $ 74,961 $ 74,961 Mortgage loan receivable 3,289 3,289 3,331 3,331 Interest rate swap agreements — — 474 474 Financial Liabilities: Mortgage notes payable, net $ 1,058,691 $ 1,092,792 $ 1,235,502 $ 1,235,553 Notes payable to banks, net 543,742 556,675 542,880 548,414 Interest rate swap agreements 13,769 13,769 9,026 9,026

Net Income (Loss) Per Common 25

Net Income (Loss) Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Basic net income (loss) attributable to common stockholders $ (2,159 ) $ 14,132 $ 59,234 $ 21,407 Effect of net income (loss) attributable to noncontrolling interests - unit holders (89 ) 607 2,566 955 Diluted net income (loss) attributable to common stockholders $ (2,248 ) $ 14,739 $ 61,800 $ 22,362 Denominator: Basic weighted average shares outstanding 111,725 111,543 111,692 111,381 Effect of Operating Partnership units — 4,833 4,830 4,973 Effect of time-vesting RSUs — 198 230 194 Effect of performance-vesting RSUs — — 90 — Effect of restricted shares — 5 — 5 Effect of deferred incentive share units — 4 — 5 Effect of LTIP units — 83 115 80 Diluted adjusted weighted average shares outstanding 111,725 116,666 116,957 116,638 Basic net income (loss) per common share attributable to Parkway Properties, Inc. $ (0.02 ) $ 0.13 $ 0.53 $ 0.19 Diluted net income (loss) per common share attributable to Parkway Properties, Inc. $ (0.02 ) $ 0.13 $ 0.53 $ 0.19

Share-Based and Long-Term Com26

Share-Based and Long-Term Compensation Plans (Tables)	6 Months Ended
	Jun. 30, 2016
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, stock options, RSUs, and LTIP unit activity for the six months ended June 30, 2016 is as follows: Restricted Shares Stock Options Time-Vesting RSUs Performance-Vesting RSUs LTIP Units # of Shares Weighted Average Grant-Date Fair Value # of Options Weighted Average Grant-Date Fair Value # of Share Units 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, 2015 5,189 $ 13.65 1,293,750 $ 4.17 386,748 $ 18.09 215,527 $ 8.11 447,938 $ 8.58 Granted — — — — 247,520 12.47 164,640 4.66 206,640 4.77 Vested / Exercised (5,189 ) 13.65 (431,250 ) 4.17 (93,904 ) 18.21 — — — — Forfeited — — — — (3,600 ) 14.13 (6,000 ) 5.57 — — TSR Not Achieved — — — — — — (37,927 ) 10.50 (99,502 ) 10.60 Balance at June 30, 2016 — $ — 862,500 $ 4.17 536,764 $ 15.51 336,240 $ 6.20 555,076 $ 6.80

Basis of Presentation and Sum27

Basis of Presentation and Summary of Significant Accounting Policies (Narrative) (Details) $ / shares in Units, $ in Thousands, ft² in Millions	3 Months Ended			6 Months Ended
	Jun. 30, 2016USD ($)state$ / shares	Jun. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)state$ / shares	Jun. 30, 2015USD ($)	Jul. 01, 2016ft²propertystate	Apr. 28, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares
Entity Information [Line Items]
Number of states in which office properties are located | state	6			6
Percentage of noncontrolling interest in operating partnerships	4.10%			4.10%
Common stock, par value (in dollars per share) | $ / shares	$ 0.001			$ 0.001				$ 0.001
Possible termination fee if the Merger Agreement is terminated							$ 65,000
Possible expense incurred if the Merger Agreement is terminated							$ 20,000
Impairment loss on real estate	$ 0	$ 4,400	$ 1,000	$ 0	$ 5,400
Parkway Properties LP
Entity Information [Line Items]
Company's Ownership %	95.90%			95.90%
Variable Interest Entity, Primary Beneficiary | Fund II
Entity Information [Line Items]
Total assets of consolidated VIE	$ 544,600			$ 544,600				$ 536,500
Total liabilities of consolidated VIE	$ 299,300			$ 299,300				$ 294,100
Common Stock | Cousins Properties Inc.
Entity Information [Line Items]
Common stock, par value (in dollars per share) | $ / shares							$ 1
Common Stock | Parkway Properties Inc. | Cousins Properties Inc.
Entity Information [Line Items]
Possible conversion right to existing shareholders of Parkway Properties Inc							1.63
Limited Voting Preferred Stock | Cousins Properties Inc.
Entity Information [Line Items]
Preferred stock, par value (in dollars per share) | $ / shares							$ 1
Limited Voting Preferred Stock | Parkway Properties Inc. | Cousins Properties Inc.
Entity Information [Line Items]
Possible conversion right to existing shareholders of Parkway Properties Inc							1.63
Subsequent Event
Entity Information [Line Items]
Number of office and parking properties | property						34
Number of states in which office properties are located | state						6
Net rentable area (sqft) | ft²						14
Subsequent Event | Subsidiaries
Entity Information [Line Items]
Net rentable area (sqft) | ft²						2.7

Basis of Presentation and Sum28

Basis of Presentation and Summary of Significant Accounting Policies (Impact on new accounting pronouncement adoption) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables and other assets	$ 310,050	$ 299,709
Notes Payable to Banks, Net	543,742	542,880
Mortgage notes payable, net	$ 1,058,691	1,235,502
As previously filed on December 31, 2015 Consolidated Balance Sheet
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Receivables and other assets		309,663
Notes Payable to Banks, Net		550,000
Mortgage notes payable, net		1,238,336
Receivables and Other Assets | Impact of Adoption of ASU No. 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Costs, Net		(9,954)
Notes Payable to Banks, Net | Impact of Adoption of ASU No. 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Costs, Net		(7,120)
Mortgage Notes Payable, Net | Impact of Adoption of ASU No. 2015-03
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Debt Issuance Costs, Net		$ (2,834)

Investment in Office Properti29

Investment in Office Properties - Narrative (Details)	Jun. 30, 2016propertystate
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 | property	32

Investment in Office Properti30

Investment in Office Properties - 2016 Dispositions (Details) $ in Thousands	Feb. 05, 2016USD ($)property	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Jan. 22, 2016USD ($)	Dec. 31, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross asset value of disposal assets			$ 21,448		$ 21,373
Liabilities related to assets held for sale			$ 11,677		1,003
Houston, TX | 5300 Memorial | Office Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sale price				$ 33,000
Gain (loss) in continuing operations		$ 20,500
Gross asset value of disposal assets					12,000
Liabilities related to assets held for sale					398
Houston, TX | Town & Country | Office Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sale price				$ 27,000
Gain (loss) in continuing operations		$ 17,300
Gross asset value of disposal assets					9,400
Liabilities related to assets held for sale					$ 605
FLORIDA | Courvoisier Centre | Office Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross sale price	$ 175,000
Gain (loss) in continuing operations	$ 25,300
Percentage of interest sold	80.00%
Number of real estate properties sold | property	2
Proceeds from sale of real estate	$ 154,300
Ownership interest percentage in the property after disposal	20.00%
Courvoisier Joint Venture | First Mortgage | Office Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Mortgage secured for properties	$ 106,500
Fixed interest rate on mortgage loans on real estate (as a percent)	4.60%

Mortgage Loan Receivable (Detai

Mortgage Loan Receivable (Details) - USD ($) $ in Thousands	Jun. 03, 2013	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Mortgage loan receivable		$ 3,289	$ 3,331
March 31, 2016 | US Airways | PKY W. Rio Salado, LLC
Debt Instrument [Line Items]
Company's ownership (as a percent)	25.40%
Unconsolidated Properties | March 31, 2016
Debt Instrument [Line Items]
Company's ownership interest (as a percent)	74.60%
First Mortgage | March 31, 2016 | PKY W. Rio Salado, LLC
Debt Instrument [Line Items]
Mortgage secured for properties	$ 13,900
Fixed interest rate on mortgage loans on real estate (as a percent)	3.00%
Mortgage Loans on real estate		12,900	13,100
PKY W. Rio Salado, LLC | March 31, 2016
Debt Instrument [Line Items]
Mortgage loan receivable		$ 3,300	$ 3,300

Investment in Unconsolidated 32

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)equity_investmentproperty	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Number of unconsolidated joint ventures | equity_investment	4
Courvoisier Centre JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 14,100
Difference between carrying amount and underlying equity in equity investment	$ 7,700
Amortization period for the excess investment amount	39 years
Consolidated Properties
Schedule of Equity Method Investments [Line Items]
Number of office and parking properties | property	32
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 45,262	$ 39,592
Unconsolidated Properties | Courvoisier Centre JV, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 6,352	$ 0

Investment in Unconsolidated 33

Investment in Unconsolidated Joint Ventures - Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Courvoisier Centre JV, LLC
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 14,100
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Investment Balance	$ 45,262	$ 39,592
Unconsolidated Properties | US Airways Building Tenancy in Common (US Airways Building)
Schedule of Equity Method Investments [Line Items]
Company's ownership interest (as a percent)	74.58%
Investment Balance	$ 37,783	38,472
Unconsolidated Properties | 7000 Central Park JV LLC (7000 Central Park) (1)
Schedule of Equity Method Investments [Line Items]
Company's ownership interest (as a percent)	40.00%
Investment Balance	$ 127	120
Unconsolidated Properties | Tryon Place, LLC
Schedule of Equity Method Investments [Line Items]
Company's ownership interest (as a percent)	14.80%
Investment Balance	$ 1,000	1,000
Unconsolidated Properties | Courvoisier Centre JV, LLC
Schedule of Equity Method Investments [Line Items]
Company's ownership interest (as a percent)	20.00%
Investment Balance	$ 6,352	$ 0

Investment in Unconsolidated 34

Investment in Unconsolidated Joint Ventures - Balance Sheet of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Equity Method Investments [Line Items]
Real estate, net	$ 2,872,484	$ 3,023,249
Receivables and other assets	310,050	299,709
Total assets	3,448,055	3,609,281
Mortgage debt	1,058,691	1,235,502
Total liabilities and equity	3,448,055	3,609,281
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Cash	2,305	559
Restricted cash	183	0
Real estate, net	213,161	46,087
Intangible assets, net	8,771	2,265
Receivables and other assets	11,534	3,513
Total assets	235,954	52,424
Mortgage debt	118,015	13,105
Other liabilities	9,339	466
Partners' equity	108,600	38,853
Total liabilities and equity	$ 235,954	$ 52,424

Investment in Unconsolidated 35

Investment in Unconsolidated Joint Ventures - Income Statement of Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Schedule of Equity Method Investments [Line Items]
Operating expenses	$ (93,356)	$ (115,439)	$ (185,902)	$ (222,846)
Depreciation and amortization			(80,571)	(96,192)
Operating income	14,153	11,466	32,671	23,743
Interest expense	(15,798)	(17,676)	(32,713)	(36,874)
Loan cost amortization			(1,551)	(1,624)
Equity Method Investee
Schedule of Equity Method Investments [Line Items]
Revenues	5,059	3,167	8,682	6,134
Operating expenses	(1,782)	(949)	(3,170)	(1,983)
Depreciation and amortization	(2,145)	(1,664)	(3,686)	(3,815)
Operating income	1,132	554	1,826	336
Interest expense	(1,323)	(251)	(2,171)	(500)
Loan cost amortization	(36)	(41)	(61)	(84)
Net income (loss)	$ (227)	$ 262	$ (406)	$ (248)

Capital and Financing Transac36

Capital and Financing Transactions - Notes Payable to Banks (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Notes Payable to Banks, Net
Debt Instrument [Line Items]
Notes payable to banks outstanding	$ 550,000,000	$ 550,000,000
Unamortized debt issuance costs, net	(6,258,000)	(7,120,000)
Notes payable to banks, net	$ 543,742,000	542,880,000
$10.0 Million Working Capital Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	1.80%
Initial Maturity	Mar. 30, 2018
$10.0 Million Working Capital Revolving Credit Facility | Notes Payable to Banks, Net
Debt Instrument [Line Items]
Notes payable to banks outstanding	$ 0	0
Maximum borrowing capacity	$ 10,000,000
$450.0 Million Revolving Credit Facility
Debt Instrument [Line Items]
Interest Rate	1.80%
Initial Maturity	Mar. 30, 2018
$450.0 Million Revolving Credit Facility | Notes Payable to Banks, Net
Debt Instrument [Line Items]
Notes payable to banks outstanding	$ 0	0
Maximum borrowing capacity	$ 450,000,000
$250.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Interest Rate	2.60%
Initial Maturity	Mar. 29, 2019
$250.0 Million Five-Year Term Loan | Notes Payable to Banks, Net
Debt Instrument [Line Items]
Notes payable to banks outstanding	$ 250,000,000	250,000,000
Term of loan agreement	5 years
Face amount of unsecured term loan	$ 250,000,000
$200.0 Million Five-Year Term Loan
Debt Instrument [Line Items]
Interest Rate	1.80%
Initial Maturity	Jun. 26, 2020
$200.0 Million Five-Year Term Loan | Notes Payable to Banks, Net
Debt Instrument [Line Items]
Notes payable to banks outstanding	$ 200,000,000	200,000,000
Term of loan agreement	5 years
Face amount of unsecured term loan	$ 200,000,000
$100.0 Million Seven-Year Term Loan
Debt Instrument [Line Items]
Interest Rate	4.40%
Initial Maturity	Mar. 31, 2021
$100.0 Million Seven-Year Term Loan | Notes Payable to Banks, Net
Debt Instrument [Line Items]
Notes payable to banks outstanding	$ 100,000,000	$ 100,000,000
Term of loan agreement	7 years
Face amount of unsecured term loan	$ 100,000,000

Capital and Financing Transac37

Capital and Financing Transactions - Mortgage Notes Payable (Details) - USD ($) $ in Thousands	Apr. 11, 2016	Apr. 06, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Instrument [Line Items]
Gain on extinguishment of debt			$ 462	$ (4,919)	$ 462	$ (4,840)
Construction loan payable balance			39,800		39,800
Hayden Ferry Lakeside III | Fund II
Debt Instrument [Line Items]
Proceeds from construction loans					8,100
Mortgages
Debt Instrument [Line Items]
Mortgage notes payable			1,100,000		1,100,000
Unamortized net premiums on debt			13,500		13,500
Unamortized debt issuance expense			$ 2,400		$ 2,400
Weighted average interest rate (as a percent)			4.10%		4.10%
Mortgages | City West Place [Member]
Debt Instrument [Line Items]
Amount of debt paid in full		$ 114,000
Gain on extinguishment of debt					$ 154
Mortgages | Lincoln Place
Debt Instrument [Line Items]
Amount of debt paid in full	$ 47,900
Gain on extinguishment of debt					$ 308

Capital and Financing Transac38

Capital and Financing Transactions - Tabular Disclosure of the Effect of Derivative Instruments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Debt Disclosure [Abstract]
Amount of gain (loss) recognized in other comprehensive income (loss) on derivatives	$ (2,341)	$ 680	$ (8,017)	$ (4,425)
Net loss reclassified from accumulated other comprehensive income (loss) into earnings	1,353	1,734	2,716	3,592
Amount of loss recognized in income on derivatives (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	$ 11	$ 1,221	$ 37	$ 1,245

Fair Values of Financial Inst39

Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Carrying Amount
Financial Assets:
Cash and cash equivalents	$ 71,838	$ 74,961
Mortgage loan receivable	3,289	3,331
Interest rate swap agreements	0	474
Financial Liabilities:
Mortgage notes payable, net	1,058,691	1,235,502
Notes payable to banks, net	543,742	542,880
Interest rate swap agreements	13,769	9,026
Fair Value
Financial Assets:
Cash and cash equivalents	71,838	74,961
Mortgage loan receivable	3,289	3,331
Interest rate swap agreements	0	474
Financial Liabilities:
Mortgage notes payable, net	1,092,792	1,235,553
Notes payable to banks, net	556,675	548,414
Interest rate swap agreements	$ 13,769	$ 9,026

Net Income (Loss) Per Common 40

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Basic net income (loss) attributable to common stockholders	$ (2,159)	$ 14,132	$ 59,234	$ 21,407
Effect of net income (loss) attributable to noncontrolling interests - unit holders	(89)	607	2,566	955
Diluted net income (loss) attributable to common stockholders	$ (2,248)	$ 14,739	$ 61,800	$ 22,362
Denominator:
Basic weighted average shares outstanding (in shares)	111,725	111,543	111,692	111,381
Diluted adjusted weighted average shares outstanding (in shares)	111,725	116,666	116,957	116,638
Basic net income (loss) per common share attributable to Parkway Properties, Inc. (in dollars per share)	$ (0.02)	$ 0.13	$ 0.53	$ 0.19
Diluted net income (loss) per common share attributable to Parkway Properties, Inc. (in dollars per share)	$ (0.02)	$ 0.13	$ 0.53	$ 0.19
Effect of Operating Partnership units
Denominator:
Effect of share-based compensation (in shares)	0	4,833	4,830	4,973
Effect of restricted shares
Denominator:
Effect of share-based compensation (in shares)	0	5	0	5
Effect of deferred incentive share units
Denominator:
Effect of share-based compensation (in shares)	0	4	0	5
Effect of LTIP units
Denominator:
Effect of share-based compensation (in shares)	0	83	115	80
Time-Vesting RSUs | Effect of performance-vesting RSUs
Denominator:
Effect of share-based compensation (in shares)	0	198	230	194
Performance-Vesting RSUs | Effect of performance-vesting RSUs
Denominator:
Effect of share-based compensation (in shares)	0	0	90	0

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 312	$ 326	$ 887	$ 518

Share-Based and Long-Term Com42

Share-Based and Long-Term Compensation Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	May 14, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total compensation expense		$ 2.9	$ 3.5
Total compensation expense related to non-vested awards not yet recognized		$ 7.3
Weighted average period over which expense is expected to be recognized		1 year 5 months
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)		$ 0		$ 13.65
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options granted (in shares)		0
Number of options remain unexercised		862,500		1,293,750
Average price per option (dollars per share)		$ 4.17		$ 4.17
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		206,640
Average price per option (dollars per share)		$ 6.80		8.58
Performance-Vesting RSUs | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		164,640
Average price per option (dollars per share)		$ 6.20		8.11
Time-Vesting RSUs | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		247,520
Average price per option (dollars per share)		$ 15.51		$ 18.09
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 | LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		555,076
Value of time-vesting RSUs outstanding		$ 3.8
Average price per option (dollars per share)		$ 6.80
2015 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)		1,293,750
Number of options remain unvested (in shares)		431,250
Number of options remain unexercised		862,500
Value of stock options		$ 1.8
Average price per option (dollars per share)		$ 4.17
2015 Equity Plan | 25% per Year in the First Four Years | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Average price per option (dollars per share)		$ 15.51
2015 Equity Plan | Time-Vesting RSUs | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		536,764
Value of time-vesting RSUs outstanding		$ 8.3
2015 Equity Plan | Performance | Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of time-vesting RSUs granted (in shares)		336,240
Value of time-vesting RSUs outstanding		$ 2.1
Average price per option (dollars per share)		$ 6.20
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-Vesting RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)		1 year

Share-Based and Long-Term Com43

Share-Based and Long-Term Compensation Plans - Summary of Share Unit Activity (Details)	6 Months Ended
	Jun. 30, 2016$ / sharesshares
Restricted Shares
Number of Shares
Balance at beginning of period (in shares) | shares	5,189
Granted (in shares) | shares	0
Vested/Exercised (in shares) | shares	(5,189)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | shares	0
Weighted Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 13.65
Granted (in dollars per share) | $ / shares	0
Vested/Exercised (in dollars per share) | $ / shares	13.65
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 0
Stock Options
Number of Options
Balance at beginning of period (in shares) | shares	1,293,750
Granted (in shares) | shares	0
Vested/Exercises (in shares) | shares	(431,250)
Forfeited (in shares) | shares	0
Balance at end of period (in shares) | 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	4.17
Forfeited (in dollars per share) | $ / shares	0
Balance at end of period (in dollars per share) | $ / shares	$ 4.17
LTIP Units
Number of Shares
Balance at beginning of period (in shares) | shares	447,938
Granted (in shares) | shares	206,640
Vested/Exercised (in shares) | shares	0
Forfeited (in shares) | shares	0
TSR Not Achieved (in shares) | shares	(99,502)
Balance at end of period (in shares) | shares	555,076
Weighted Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 8.58
Granted (in dollars per share) | $ / shares	4.77
Vested/Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
TSR Not Achieved (in dollars per share) | $ / shares	10.60
Balance at end of period (in dollars per share) | $ / shares	$ 6.80
Time-Vesting RSUs | Restricted Stock Units
Number of Shares
Balance at beginning of period (in shares) | shares	386,748
Granted (in shares) | shares	247,520
Vested/Exercised (in shares) | shares	(93,904)
Forfeited (in shares) | shares	(3,600)
Balance at end of period (in shares) | shares	536,764
Weighted Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 18.09
Granted (in dollars per share) | $ / shares	12.47
Vested/Exercised (in dollars per share) | $ / shares	18.21
Forfeited (in dollars per share) | $ / shares	14.13
Balance at end of period (in dollars per share) | $ / shares	$ 15.51
Performance-Vesting RSUs | Restricted Stock Units
Number of Shares
Balance at beginning of period (in shares) | shares	215,527
Granted (in shares) | shares	164,640
Vested/Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(6,000)
TSR Not Achieved (in shares) | shares	(37,927)
Balance at end of period (in shares) | shares	336,240
Weighted Average Grant-Date Fair Value
Balance at beginning of period (in dollars per share) | $ / shares	$ 8.11
Granted (in dollars per share) | $ / shares	4.66
Vested/Exercised (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	5.57
TSR Not Achieved (in dollars per share) | $ / shares	10.50
Balance at end of period (in dollars per share) | $ / shares	$ 6.20

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Jun. 29, 2016	May 18, 2011	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Management Company
Related Party Transaction [Line Items]
Property management fee revenue			$ 77	$ 92	$ 156	$ 230
Tenant reimbursements			193	242	388	536
Corporate Joint Venture
Related Party Transaction [Line Items]
Property management fee revenue			$ 203	$ 94	310	244
Monitoring Fee | TPG VI Management, LLC | Management Services Agreement
Related Party Transaction [Line Items]
Payment of management fee	$ 250
Equity Securities
Related Party Transaction [Line Items]
Investment income percentage		7.00%
Preferred equity distributions					$ 123	$ 123
Subsidiaries | Equity Securities
Related Party Transaction [Line Items]
Payments to acquire preferred equity investment		$ 3,500
Mr. Heistand
Related Party Transaction [Line Items]
Ownership interest percentage		21.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Dec. 19, 2013	Jun. 30, 2016
Tenant Improvements
Other Commitments [Line Items]
Future obligations under leases		$ 38.8
Leasing Commissions
Other Commitments [Line Items]
Future obligations under leases		1.4
Market Street
Other Commitments [Line Items]
Percentage of limited partnership owned by the Company	1.00%
Parkway Properties LP | Financial Guarantee | Market Street
Other Commitments [Line Items]
Maximum guaranteed amount of mortgage loan		$ 14

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Jul. 25, 2016	Jun. 30, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Assets held for sale		$ 21,448	$ 21,373
Liabilities related to assets held for sale		11,677	$ 1,003
Stein Mart Building | Mortgages | Subsequent Event
Subsequent Event [Line Items]
Amount of debt paid in full	$ 10,600
Payments of Debt Extinguishment Costs	2,300
Stein Mart Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Office Building | FLORIDA
Subsequent Event [Line Items]
Assets held for sale		21,400
Liabilities related to assets held for sale		$ 11,700
Stein Mart Building | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Office Building | FLORIDA | Subsequent Event
Subsequent Event [Line Items]
Gross sale price	$ 23,600