<div id="subtitle">Parkway Properties says FFO dropped in 4Q; gives outlook, cuts dividend</div><div><p>Parkway Properties Inc. said Monday its fourth-quarter funds from operations dropped 33 percent as the office property owner wrote down the value of some of its holdings by $8.8 million.</p><p>The company also forecast the key figure would fall for 2010, and it cut its dividend.</p><p>The real estate investment trust said funds from operations, or FFO, available to common shareholders was $7.7 million, or 36 cents per share, compared with $11.6 million, or 77 cents per share, in the fourth quarter of 2008.</p><p>FFO, which adds items such as amortization and depreciation back to net income, is considered a key measure of REIT strength.</p><p>Total revenue was flat at $65.9 million.</p><p>Recurring FFO for the quarter was $15.7 million, or 73 cents per share, compared with $15.2 million, or $1.01 per share, a year earlier.</p><p>Analysts polled by Thomson Reuters expected FFO of 67 cents per share on revenue of $65.6 million.</p><p>Parkway's net loss in the quarter was $11.4 million, or 53 cents per share, compared with a net loss of $7.1 million, or 47 cents per share, in the fourth quarter of 2008.</p><p>The company reported non-cash charges $8.8 million, or 45 cents per share, related to the value of investments with joint venture partner Rubicon U.S. REIT. Rubicon filed for Chapter 11 bankruptcy court protection last month.</p><p>Parkway's shares fell 50 cents to $19.95.</p><p>For the full year, its FFO was $56.6 million, or $2.91 per share, compared with $55.6 million, or $3.67 per share, in 2008. Full-year revenue was $268.2 million, compared with $265.4 million in 2008.</p><p>Recurring FFO for 2009 was $63.4 million, or $3.27 per share, compared with $59 million, or $3.90 per share, the year before.</p><p>Net loss for the year was $16.4 million, or 85 cents per share, compared with net income of $4.5 million, or 30 cents per share, for 2008.</p><p>Analysts polled by Thomson Reuters expected FFO of $3.28 per share.</p><p>Parkway, based in Jackson, Miss., estimated this year it will have FFO per share of $2.72 to $2.92. It forecast recurring FFO per share of $2.40 to $2.60. Analysts expect full-year FFO of $2.58 per share.</p><p>Also, the company said it cut its annual common stock dividend to about 30 cents per share from 33 cents per share, partly due to increased costs.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=68712596&bid=informcom" /></div><div id="copyright"><div>

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