JACKSON, Miss., Aug. 13 /PRNewswire-FirstCall/ -- Parkway Properties, Inc. (NYSE: PKY) announced today that its Board of Directors declared a quarterly dividend of thirty-two and a half cents ($0.325) per share payable on September 30, 2009, to shareholders of record of Common Stock on September 16, 2009. This dividend is the ninety-second (92nd) consecutive quarterly distribution to Parkway's shareholders of Common Stock and represents an annualized dividend rate of $1.30 per share.

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The Board of Directors also declared a quarterly dividend of fifty cents ($0.50) per share payable on October 15, 2009, to shareholders of record of Series D Preferred Stock on September 30, 2009.

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 65 office properties located in 11 states with an aggregate of approximately 13.4 million square feet of leasable space at August 13, 2009. Included in the portfolio are 21 properties totaling 3.9 million square feet that are owned jointly with other investors, representing 28.8% of the portfolio. Fee-based real estate services are offered through the Company's wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 1.4 million square feet for third-party owners at August 13, 2009.

Parkway Properties, Inc.'s press releases and additional information about the Company are available on the World Wide Web at www.pky.com.

    CONTACT:   J. MITCHELL COLLINS
               CHIEF FINANCIAL OFFICER
              (601) 948-4091

SOURCE Parkway Properties, Inc.