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PKY

Parkway

$21.58

0.08 (0.37%)

18:20
02/17/17
02/17
18:20
02/17/17
18:20

Parkway to sell 49% interest in Houston Greenway portfolio for $512.1M

Parkway announced that it has reached an agreement to sell a 49.0% interest in Greenway Plaza and Phoenix Tower for $512.1M, or an implied $210 per square foot. Parkway's Greenway Portfolio is an approximately 5M square foot campus consisting of 11 office properties located in the Greenway submarket of Houston, Texas. Parkway has agreed to form a joint venture with affiliates of TH Real Estate, Silverpeak Real Estate Partners and Canada Pension Plan Investment Board, with Parkway retaining a 51% interest, a partnership between TH Real Estate and Silverpeak acquiring a 24.5% interest, and CPPIB acquiring a 24.5% interest in the Greenway Portfolio. Parkway will serve as general partner and also will provide property management and leasing services for the joint venture. The joint venture expects to assume the existing mortgage debt secured by Phoenix Tower, which has an outstanding balance of approximately $76.2M and matures on March 1, 2023. Additionally, the joint venture received a signed commitment letter from Goldman Sachs for a new 5-year mortgage loan totaling $465M secured by the other properties in the Greenway Portfolio, which is expected to close concurrently with the closing of the joint venture, subject to customary closing conditions and contingent on satisfying the conditions set forth in the commitment. At closing, Parkway intends to terminate its existing revolver and term loan credit facility and prepay the $350M outstanding balance using proceeds from the joint venture. Net proceeds to Parkway are expected to be approximately $315.8M, which includes the new debt placement and the assumed payoff of Parkway's $350M existing term loan at closing. Parkway's net proceeds also will be net of credits to the other joint venture partners related to outstanding contractual lease obligations for tenant improvements and rent concessions as well as certain capital expenditures for projects that are in process, all of which totals approximately $38M as of the date of execution of the agreement. Additionally, Parkway expects to record an impairment loss of approximately $25M in the first quarter of 2017 related to the joint venture transaction. Parkway expects the closing of the joint venture and associated financing to occur in the second quarter of 2017, subject to customary closing conditions.

  • 24

    Feb

  • 01

    Mar

PKY Parkway
$21.58

0.08 (0.37%)

10/18/16
STFL
10/18/16
INITIATION
Target $17
STFL
Sell
Parkway Properties initiated with a Sell at Stifel
Stifel analyst John Guinee initiated Parkway Properties with a Sell and a $17 price target. The analyst believes the Houston office market is a long way from a bottom and views shares are overvalued.
11/29/16
JMPS
11/29/16
INITIATION
Target $22
JMPS
Outperform
Parkway Properties initiated with an Outperform at JMP Securities
JMP Securities analyst Mitch German initiated Parkway Properties with an Outperform and a $22 price target.
01/16/17
STFL
01/16/17
UPGRADE
STFL
Hold
Parkway upgraded to Hold from Sell at Stifel
01/17/17
STFL
01/17/17
UPGRADE
STFL
Hold
Parkway upgraded on multiple catalysts at Stifel
As noted earlier, Stifel upgraded Parkway to Hold from Sell. As reasons for the upgrade, analyst John Guinee cites Trump's victory, the OPEC production deal, subsequent new rig deployments by energy companies, and his belief that the company's joint venture interest in its 5mm SF Greenway Plaza asset.will be successful. Target to $22 from $17.

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