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  <div style="TEXT-ALIGN: center; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 18pt; FONT-WEIGHT: bold">UNITED STATES</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Washington, D.C. &#160;20549</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 16pt; FONT-WEIGHT: bold">FORM 8-K</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Current Report</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Date of Report (date of earliest event reported): &#160;March 5, 2013</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 14pt; FONT-WEIGHT: bold"><u>PARKWAY PROPERTIES, INC</u></font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt"><u>.</u></font></div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(Exact Name of Registrant as Specified in its Charter)</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Of Incorporation)</div>
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 4.5pt; FONT-SIZE: 12pt"><u>Bank of America Center, Suite 2400, 390 North Orange Avenue, Orlando, FL 32801</u></div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>(407) 650-0593</u></div>
  
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  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</div>
  
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  <div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Item 8.01.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Other Events.</font></div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">On December 20, 2012, an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of Phoenix Tower, a 626,000 square foot office tower located in the &#160;Greenway submarket of Houston, Texas, for a gross purchase price of $123.8 million. &#160;Phoenix Tower is a LEED&#174; Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">This Form 8-K is being filed for the purpose of filing financial statements with respect to Phoenix Tower acquisition prepared in accordance with Rule 3-14 of Regulation S-X and related pro forma financial information.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt; FONT-WEIGHT: bold">Item 9.01 &#160;Financial Statements and Exhibits.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">&#160;&#160;&#160;&#160;&#160;The following audited financial statement of Phoenix Tower for the year ended December 31, 2011 is attached hereto.</div>
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The following unaudited Pro Forma Consolidated Financial Statements of Parkway for the year ended December 31, 2011 and as of and for the nine months ended September 30, 2012 are attached hereto:</div>
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11.5pt">As this property is directly owned by an entity that has elected to be treated as a real estate investment trust (as specified under sections 856-860 of the Internal Revenue Code of 1986) for Federal income tax purposes, a presentation of estimated taxable operating results is not applicable.</div>
  
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  <div style="TEXT-ALIGN: left">&#160;&#160;&#160;<font style="FONT-SIZE: 11.5pt">&#160; Pursuant to the requirements of the Securites Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.</font><br>
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  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> Date: &#160;March 5, 2013</div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 216pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><font style="LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font>PARKWAY PROPERTIES, INC.</div>
  
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  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 216pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><font style="FONT-STYLE: normal; LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font><font style="FONT-STYLE: normal">BY:</font></font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab"><font style="FONT-STYLE: normal">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>/s/ Jeremy R. Dorsett</u></font></div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 252pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; Jeremy R. Dorsett</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The Board of Directors</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">We have audited the accompanying statement of revenues and certain expenses of Phoenix Tower (the Property) for the year ended December 31, 2011. &#160;This statement of revenues and certain expenses is the responsibility of the Property's management. &#160;Our responsibility is to express an opinion on this financial statement based on our audit.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">We conducted our audit in accordance with auditing standards generally accepted in the United States of America. &#160;Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of revenues and certain expenses is free of material misstatement. &#160;An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. &#160;We believe that our audit provides a reasonable basis for our opinion.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The accompanying statement of revenues and certain expenses of the Property was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, as described in Note 2, for inclusion in a Form 8-K of Parkway Properties, Inc. and is not intended to be a complete presentation of the Property's revenues and expenses.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">In our opinion, the statement of revenues and certain expenses referred to above presents fairly, in all material respects, the revenues and certain expenses described in Note 2 of the Property for the year ended December 31, 2011 in conformity with U.S. generally accepted accounting principles.</div>
  
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  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Houston, Texas</div>
  
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">March 5, 2013</div>
  
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  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -1</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Phoenix Tower<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(in thousands)</div>
  
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  <div>&#160;</div>
  </td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Nine Months Ended</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">September 30, 2012</div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">&#160;</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Year Ended</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">December 31, 2011</div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Revenues:</div>
  </td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(unaudited)</div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rental property revenue</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">10,563</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">11,258</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Other income</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">221</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">189</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">10,784</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">11,447</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Certain expenses:</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Operating expenses</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2,528</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">3,287</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Real estate taxes</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">1,345</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">1,263</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Personnel</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">709</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">893</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Utilities</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">962</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">1,472</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,544</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">6,915</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Excess of revenues over certain expenses</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,240</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">4,532</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  
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  </font><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> See accompanying notes to statements of revenues and certain expenses.</div>
  
  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -2</div>
  
  <hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
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  <div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Phoenix Tower<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font>Notes to Statements of Revenues<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font>and Certain Expenses<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
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  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> 1.&#160;&#160;&#160;&#160;Organization and Significant Accounting Policies</div>
  
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> Description of Property</div>
  
  <div><br>
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">On December 20, 2012, PKY 3200 SW Freeway, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of Phoenix Tower, a 626,000 square foot (unaudited) office tower located in the &#160;Greenway submarket of Houston, Texas, for a gross purchase price of $123.8 million. &#160;Phoenix Tower is a 26-story, Class A office tower that sits atop an eight-story parking garage.</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> Management's Use of Estimates</div>
  
  <div><br>
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenues and certain expenses during the reporting period. &#160;Actual results could differ from those estimates.</div>
  
  <div><br>
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Rental Revenue</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> Minimum rents from leases are recognized as revenue ratably over the term of each lease using the straight-line method assuming an acquisition on January 1, 2011. &#160;Tenant reimbursements are recognized as revenue as the applicable services are rendered or expenses incurred.</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> The future minimum rents for the Property's non-cancelable operating leases at December&#160;31, 2011 are as follows (in thousands):</div>
  
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  <table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 478px; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Year</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 6px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 142px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Amount</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 369px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="WIDTH: 47.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2012</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 2.89%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 12.16%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">6,504</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 36.79%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 47.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2013</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 2.89%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 12.16%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">7,399</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 36.79%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <td style="WIDTH: 47.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2014</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 2.89%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 12.16%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">7,153</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 36.79%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2015</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 2.89%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 12.16%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,946</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 36.79%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 47.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2016</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 2.89%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 12.16%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,331</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 36.79%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 47.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Thereafter</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 2.89%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 12.16%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">9,398</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 36.79%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 47.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 2.89%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 12.16%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">41,731</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 36.79%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The above amounts do not include tenant reimbursements for utilities, taxes, insurance and common area maintenance.</div>
  
  <div><br>
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">During the year ended December 31, 2011, two tenants accounted for approximately 37.7% of the Property's rental property revenue. &#160;No other tenant accounted for more than 10% of rental property revenue in 2011.</div>
  
  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -3</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">2.&#160;&#160;&#160;&#160;&#160;Basis of Accounting</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> The accompanying statement of revenues and certain expenses is presented on the accrual basis. &#160;The statement has been prepared for the purpose of complying with Rule 3-14 of Regulation S-X of the Securities and Exchange Commission for real estate properties acquired. &#160;Accordingly, the statement excludes certain expenses not comparable to the future operations of the Property such as depreciation and amortization, interest, management fees, income taxes and payroll and other costs not directly related to the proposed future operations of the Property. &#160;Management is not aware of any material factors relating to the Property that would cause the reported financial information not to be necessarily indicative of future operating results.</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The accompanying unaudited interim statement of revenues and certain expenses was prepared on the same basis as the statement of revenues and certain expenses for the year ended December 31, 2011. &#160;In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the information for this interim period have been made. &#160;The excess of revenues over certain expenses for such interim period is not necessarily indicative of the excess of revenue over certain expenses for the full year.</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">3. &#160; &#160; Subsequent Events</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Management has evaluated subsequent events related to the Property for recognition of disclosure through March 5, 2013, which is the date the statement of revenues and certain expenses was available to be issued. &#160; On February 20, 2013, the Company obtained an $80.0 million non-recourse first mortgage secured by the Property. &#160;The mortgage loan has a fixed interest rate of 3.9%, a 24-month interest only period and a maturity date of March 1, 2023.</div>
  
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  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -4</div>
  
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  <div>&#160;</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PARKWAY PROPERTIES, INC.</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pro Forma Balance Sheet and Pro Forma Consolidated Statements of Operations and Comprehensive Income</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(Unaudited)</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> &#160;&#160;&#160;&#160;&#160;&#160;&#160;The following pro forma consolidated balance sheet (unaudited) as of September 30, 2012 and pro forma consolidated statements of operations and comprehensive income (unaudited) of the Company for the year ended December 31, 2011 and nine months ended September 30, 2012 give effect to the purchase of Phoenix Tower for the periods stated. &#160;The pro forma consolidated financial statements have been prepared by management of Parkway based upon the historical financial statements of Parkway and the adjustments and assumptions in the accompanying notes to the pro forma consolidated financial statements.</div>
  
  <div style="TEXT-ALIGN: justify"><br>
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The pro forma consolidated balance sheet sets forth the effect of Phoenix Tower as if the purchase had been consummated on September 30, 2012.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;The pro forma consolidated statements of operations and comprehensive income set forth the effect of Phoenix Tower as if the purchase had been consummated on January 1, 2011.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;These pro forma consolidated financial statements may not be indicative of the results that actually would have occurred if the transaction had occurred on the dates indicated or which may be obtained in the future. &#160;The pro forma consolidated financial statements should be read in conjunction with the consolidated financial statements and notes of Parkway included in its annual report on Form 10-K for the year ended December 31, 2011.</div>
  
  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -5</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">PARKWAY PROPERTIES, INC.<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><br>
  </font>PRO FORMA CONSOLIDATED BALANCE SHEET<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><br>
  </font> SEPTEMBER 30, 2012</div>
  
  <div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(Unaudited)<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><br>
  </font></font><br>
  </div>
  
  <table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
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  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Parkway</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Historical</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 8px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 102px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Pro Forma</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Adjustments (1)</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">&#160;</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Parkway</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Pro Forma</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Assets</div>
  </td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 8px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 102px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(In thousands)</div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Real estate related investments:</div>
  </td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 8px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 102px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Office and parking properties</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,442,759</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">115,538</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,558,297</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Accumulated depreciation</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(190,154</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(190,154</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,252,605</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">115,538</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,339,930</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Land available for sale</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">250</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">250</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,252,855</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">115,538</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,340,180</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Rents receivable and other assets</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">109,874</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">2,674</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">112,548</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Intangible assets, net</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">114,018</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">11,712</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">125,730</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Assets held for sale</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">7,031</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">7,031</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Management contracts, net</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">47,010</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">47,010</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Cash and cash equivalents</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">53,556</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">53,556</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total assets</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,584,344</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">129,924</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,714,268</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Liabilities</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Notes payable to banks</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">125,000</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">123,176</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">248,176</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Mortgage notes payable</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">549,429</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">549,429</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Accounts payable and other liabilities</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">79,868</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">6,748</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">86,616</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Liabilities related to assets held for sale</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">361</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">361</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">754,658</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">129,924</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">884,582</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt; FONT-WEIGHT: bold">Stockholders' Equity</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">8.00% Series D Preferred stock, $.001 par value, 5,421,296 &#160; shares authorized, issued and outstanding</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">128,942</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">128,942</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 11pt">Common stock, $.001 par value, 98,578,704 shares authorized, 41,191,461 shares issued and outstanding</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">41</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">41</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Common stock held in trust, at cost, 9,964 shares</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(186</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(186</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Additional paid-in capital</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">719,031</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">719,031</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Accumulated other comprehensive loss</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(4,711</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(4,711</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Accumulated deficit</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(278,923</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(278,923</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;Total Parkway Properties, Inc. stockholders' equity</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">564,194</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">564,194</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">Noncontrolling interests</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">265,492</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">265,492</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160; &#160;Total equity</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">829,686</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">829,686</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total liabilities and equity</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,584,344</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1.2%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">129,924</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,714,268</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">See accompanying notes.</div>
  
  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -6</div>
  
  <hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center; FONT-WEIGHT: bold">PARKWAY PROPERTIES, INC.</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">FOR THE YEAR ENDED DECEMBER 31, 2011</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(Unaudited)</div>
  
  <table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Parkway Historical</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Pro Forma</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Adjustments (2)</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 13px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 97px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Parkway</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Pro Forma</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="10">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(In thousands, except per share data)</div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Revenues</div>
  </td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 13px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="WIDTH: 97px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Income from office and parking properties</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">149,000</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">12,773</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">161,773</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Management company income</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">16,896</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">16,896</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Total revenues</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">165,896</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">12,773</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">178,669</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Expenses and other</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Property operating expense</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">61,637</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">6,915</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">68,552</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Depreciation and amortization</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">57,002</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">8,405</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">65,407</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Impairment loss on real estate</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">6,420</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">6,420</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Impairment loss on mortgage loan receivable</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">9,235</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">9,235</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Change in fair value of contingent consideration</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(13,000</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(13,000</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Management company expenses</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">13,337</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">13,337</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">General and administrative</div>
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  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">18,805</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">18,805</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Acquisition costs</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">17,219</div>
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">17,219</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Total expenses and other</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">170,655</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">15,320</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">185,975</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Operating loss</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(4,759</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(2,547</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,306</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Other income and expenses</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Interest and other income</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">938</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">938</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Equity in earnings of unconsolidated joint ventures</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">57</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">57</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Gain on sale of real estate</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">743</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">743</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Interest expense</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(31,612</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(4,959</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(36,571</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Loss before income taxes</div>
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  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(34,633</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(42,139</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Income tax expense</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(56</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(56</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Loss from continuing operations</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(34,689</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(42,195</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Discontinued operations:</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Loss from discontinued operations</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(195,139</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(195,139</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Gain on sale of real estate from discontinued operations</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">17,825</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">17,825</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Total discontinued operations</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(177,314</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(177,314</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net loss</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(212,003</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(219,509</div>
  </td>
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  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Net loss attributable to noncontrolling interests</div>
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  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">85,100</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">85,100</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <div>&#160;</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net loss for Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(126,903</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(134,409</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Change in market value of interest rate swaps</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(337</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(337</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Comprehensive loss</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(127,240</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(134,746</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net loss for Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(126,903</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(134,409</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Dividends on preferred stock</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(10,052</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(10,052</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net loss attributable to common stockholders</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(136,955</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(144,461</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net loss per common share attributable to Parkway Properties, Inc.:</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Basic and Diluted:</div>
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  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Loss from continuing operations attributable to Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1.80</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(2.15</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Discontinued operations</div>
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  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(4.57</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(4.57</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Basic and diluted net loss attributable to Parkway Properties, Inc.</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(6.37</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(6.72</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Weighted average shares outstanding:</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Basic</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">21,497</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">21,497</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Diluted</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">21,497</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">21,497</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Amounts attributable to Parkway Properties, Inc. common stockholders:</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;</font>Loss from continuing operations attributable to Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(38,710</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(46,216</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;</font>Discontinued operations</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(98,245</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(98,245</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net loss attributable to common stockholders</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(136,955</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(144,461</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  </table>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">See accompanying notes.</div>
  
  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -7</div>
  
  <hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">PARKWAY PROPERTIES, INC.</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME</div>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 9pt; FONT-WEIGHT: bold">(Unaudited)</div>
  
  <div><br>
  </div>
  
  <table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 13px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 97px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Parkway Historical</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Pro Forma</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Adjustments (2)</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 12px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 98px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Parkway</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">Pro Forma</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 13px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="WIDTH: 338px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="10">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(In thousands, except per share data)</div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Revenues</div>
  </td>
  <td style="WIDTH: 13px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 97px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 12px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="WIDTH: 98px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Income from office and parking properties</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">149,995</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">11,777</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">161,772</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Management company income</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">14,996</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">14,996</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Total revenues</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">164,991</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">11,777</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">176,768</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Expenses and other</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Property operating expense</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">58,803</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">5,544</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">64,347</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Depreciation and amortization</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">59,046</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">64,963</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Change in fair value of contingent consideration</div>
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  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">216</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">216</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Management company expenses</div>
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  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">12,966</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">12,966</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
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  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">General and administrative</div>
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  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">11,266</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">11,266</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Acquisition costs</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">1,491</div>
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">1,491</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Total expenses and other</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">143,788</div>
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">11,461</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">155,249</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Operating income</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">21,203</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">316</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">21,519</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Other income and expenses</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Interest and other income</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">205</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">205</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Gain on sale of real estate</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">48</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">48</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Recovery of losses on mortgage loan receivable</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">500</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
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  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
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  </tr>
  
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  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
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  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
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  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(4,345</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,984</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(6,329</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Income tax expense</div>
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  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(143</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(143</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Loss from continuing operations</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(4,488</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(6,472</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Discontinued operations:</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Income from discontinued operations</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">2,538</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">2,538</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Gain on sale of real estate from discontinued operations</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">9,767</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">9,767</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Total discontinued operations</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">12,305</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">12,305</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net Income</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">7,817</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
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  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">5,833</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Net loss attributable to noncontrolling interest &#8211; real estate partnerships</div>
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  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">1,789</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">1,789</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Net income attributable to noncontrolling interests &#8211; unit holders</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">1</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">1</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net income for Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">9,607</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">7,623</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Change in market value of interest rate swaps</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,371</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,371</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Comprehensive income</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">8,236</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">6,252</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr style="HEIGHT: 18px">
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net income for Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">9,607</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">7,623</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Dividends on preferred stock</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(8,132</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(8,132</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr style="HEIGHT: 16px">
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Dividends on convertible preferred stock</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,011</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">-</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,011</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net income (loss) attributable to common stockholders</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">464</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,520</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net income (loss) per common share attributable to Parkway Properties, Inc.:</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Basic and Diluted:</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Loss from continuing operations attributable to Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(0.28</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(0.36</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Discontinued operations</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">0.30</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">0.30</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">&#160;&#160;&#160;&#160;&#160;Basic and diluted net income (loss) attributable to Parkway Properties, Inc.</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">0.02</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(0.06</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -5.05pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 5.05pt; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Weighted average shares outstanding:</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Basic</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">27,199</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">27,199</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 9pt; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Diluted</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">27,199</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
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  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
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  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Amounts attributable to Parkway Properties, Inc. common stockholders:</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;</font>Loss from continuing operations attributable to Parkway Properties, Inc.</div>
  </td>
  <td style="WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,622</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(9,606</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold">&#160;&#160;&#160;&#160;</font>Discontinued operations</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">8,086</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">8,086</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; FONT-WEIGHT: bold; MARGIN-RIGHT: 5.05pt">Net income (loss) attributable to common stockholders</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.3%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">464</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.2%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1,520</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  </tr>
  </table>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 10pt">See accompanying notes.</div>
  
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  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -8</div>
  
  <hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PARKWAY PROPE</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">RTIES, INC.</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Notes to Pro Forma Consolidated Financial Statements</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font>(Unaudited)<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
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  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The pro forma adjustments to the Consolidated Balance Sheet as of September 30, 2012 set forth the effects of Parkway's purchase of Phoenix Tower as if the purchase had been consummated on September 30, 2012.</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The pro forma effect of the allocation of purchase price to assets acquired and liabilities assumed with the purchase of Phoenix Tower is as follows (in thousands):</div>
  
  <div><br>
  </div>
  
  <table style="WIDTH: 50%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 7px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 82px; VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pro Forma Adjustments</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Real estate investments:</div>
  </td>
  <td style="WIDTH: 7px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 82px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Land</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">9,187</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Building</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">97,842</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Site improvements</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">305</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Tenant improvements</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">8,204</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Total real estate investments acquired</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">115,538</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr style="HEIGHT: 20px">
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Lease costs</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2,674</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Intangible assets:</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Lease in place value</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">11,712</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Total assets acquired</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">129,924</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Liabilities assumed:</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Below market leases</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">6,400</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Total liabilities assumed</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">6,400</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Pro forma effect of net assets acquired</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11.66%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">123,524</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -9</div>
  
  <hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The pro forma effect of additional amounts paid by Parkway or received from the seller in connection with the purchase of this office property is as follows (in thousands):</div>
  
  <div><br>
  </div>
  
  <table style="WIDTH: 50%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: bottom" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pro Forma <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>Adjustments</u></font></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Accounts payable and other liabilities:</div>
  </td>
  <td style="VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div></div>
  </td>
  <td style="TEXT-ALIGN: left; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Security deposits payable</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">223</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Other payables</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">105</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Prepaid rent</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">20</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">348</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2.</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The pro forma adjustments to the Consolidated Statements of Operations and Comprehensive Income for the year ended December 31, 2011 and nine months ended September 30, 2012 set forth the effect of Parkway's purchase of Phoenix Tower as if the purchase had been consummated on January 1, 2011.</font></div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 31.5pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The pro forma adjustments are detailed below for the year ended December 31, 2011 and nine months ended September 30, 2012.</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The effect of the purchase of Phoenix Tower on income and expenses from real estate properties is as follows:</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(a) &#160; For the year ended December 31, 2011 (in thousands):</div>
  
  <div><br>
  </div>
  
  <table style="WIDTH: 50%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pro Forma Adjustments</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Rental property revenue</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">11,258</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Other income</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">189</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Below market lease value amortization</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">1,326</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Income from office and parking properties</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">12,773</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Property operating expenses</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">6,915</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Depreciation and amortization</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">8,405</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Total expenses</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">15,320</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Operating loss</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(2,547</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Interest expense</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(4,959</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">)</div>
  </td>
  </tr>
  
  <tr style="HEIGHT: 16px">
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Loss from continuing operations</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 12pt">Loss from continuing operations attributable to common stockholders</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(7,506</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">)</div>
  </td>
  </tr>
  </table>
  
  <div style="MARGIN-TOP: 10pt; MARGIN-BOTTOM: 10pt; CLEAR: both" id="DSPFPageBreakArea">
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -10</div>
  
  <hr style="PAGE-BREAK-AFTER: always; MARGIN: 4px 0px; WIDTH: 100%; HEIGHT: 2px; COLOR: #000000; CLEAR: both" id="DSPFPageBreak" noshade="noshade">
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: left"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Depreciation and amortization is provided by the straight-line method over the estimated useful life of the asset as defined below:</font></div>
  
  <div><br>
  </div>
  
  <table style="WIDTH: 50%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="WIDTH: 38.25%; VERTICAL-ALIGN: top">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 61.75%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><u>Estimated Useful Life</u></div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 38.25%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Building and garage</div>
  </td>
  <td style="WIDTH: 61.75%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">40 years</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 38.25%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Building improvements</div>
  </td>
  <td style="WIDTH: 61.75%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">15 years</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 38.25%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Tenant improvements</div>
  </td>
  <td style="WIDTH: 61.75%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Remaining term of lease</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 38.25%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Lease in place value</div>
  </td>
  <td style="WIDTH: 61.75%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Remaining term of lease including expected renewals</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 38.25%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Lease costs</div>
  </td>
  <td style="WIDTH: 61.75%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Remaining term of lease</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 38.25%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Above and below market leases</div>
  </td>
  <td style="WIDTH: 61.75%; VERTICAL-ALIGN: top">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Remaining term of lease</div>
  </td>
  </tr>
  </table>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> (b) &#160; For the nine months ended September 30, 2012 (in thousands):</div>
  
  <div><br>
  </div>
  
  <table style="WIDTH: 50%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="center">
  <tr>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 7px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 82px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Pro Forma Adjustments</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Rental property revenue</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">10,563</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Other income</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">221</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Below market lease value amortization</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">993</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Income from office and parking properties</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">11,777</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Property operating expenses</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,544</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Depreciation and amortization</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,917</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Total expenses</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">11,461</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Operating income</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">316</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Interest expense</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(2,300</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 1.15pt; FONT-SIZE: 12pt">Loss from continuing operations</div>
  </td>
  <td style="WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">)</div>
  </td>
  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 18pt; FONT-SIZE: 12pt">Loss from continuing operations attributable to common stockholders</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1.05%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 11.81%; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(1,984</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">)</div>
  </td>
  </tr>
  </table>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-SIZE: 5.14pt" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Depreciation is provided by the straight-line method over the estimated useful life of the asset as defined in (a) above.</font></div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(c) &#160;&#160;The pro forma effect of the Phoenix Tower acquisition on interest expense related to additional borrowings on the Company's notes payable to banks ($123.2 million at September 30, 2012 with an effective interest rate of 4.0% for the year ended December 31, 2011 and 2.5% for the nine months ended September 30, 2012) was $5.0 million for the year ended December 31, 2011 and $&#173;2.3 million for the nine months ended September 30, 2012.</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> 3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;No additional income tax expenses were provided because of the Company's net operating loss carryover and status as a REIT.</div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  </div>
  
  <div style="text-align: center; font-family: 'Times New Roman', Times, Serif; font-size: 8pt;" id="DSPFPageNumberArea">F -11</div>
  </body>
  </html>
metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "f8kphoenixpropaudit.htm", "description": "FORM 8-K PHOENIX TOWER PROPERTY AUDIT", "secsgml_size_bytes": 362103}]
metadata_filer: {"company-data": {"conformed-name": "PARKWAY PROPERTIES INC", "cik": "0000729237", "assigned-sic": "6798", "irs-number": "742123597", "state-of-incorporation": "MD", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-11533", "film-number": "13666007"}, "business-address": {"street1": "390 N.  ORANGE AVE STE 2400", "city": "ORLANDO", "state": "FL", "zip": "32801", "phone": "407-650-0593"}, "mail-address": {"street1": "390 N. ORANGE AVE  STE 2400", "city": "ORLANDO", "state": "FL", "zip": "32801"}, "former-company": {"former-conformed-name": "PARKWAY CO", "date-changed": "19951018"}}
text: UNITED STATES
  SECURITIES AND EXCHANGE COMMISSION
  Washington, D.C.  20549
  __________________________
  FORM 8-K
  Current Report
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (date of earliest event reported):  March 5, 2013
  PARKWAY PROPERTIES, INC
  .
  (Exact Name of Registrant as Specified in its Charter)
  Maryland
  1-11533
  74-2123597
  (State or Other Jurisdiction
  (Commission File Number)
  (IRS Employer
  Of Incorporation)
  Identification No.)
  Bank of America Center, Suite 2400, 390 North Orange Avenue, Orlando, FL 32801
  (Address of Principal Executive Offices, including zip code)
  (407) 650-0593
  (Registrant's telephone number, including area code)
  Not Applicable
  (Former name or former address, if changed since last report)
  Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
  0
  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
  0
  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
  0
  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
  0
  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
  Item 8.01.
  Other Events.
  On December 20, 2012, an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of Phoenix Tower, a 626,000 square foot office tower located in the  Greenway submarket of Houston, Texas, for a gross purchase price of $123.8 million.  Phoenix Tower is a LEED® Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage.
  This Form 8-K is being filed for the purpose of filing financial statements with respect to Phoenix Tower acquisition prepared in accordance with Rule 3-14 of Regulation S-X and related pro forma financial information.
  Item 9.01  Financial Statements and Exhibits.
  (a)    Financial Statements of Selected Acquisition Properties.
  The following audited financial statement of Phoenix Tower for the year ended December 31, 2011 is attached hereto.
  Page
  Independent Auditors' Report
  F-1
  Statements of Revenues and Certain Expenses
  F-2
  Notes to Statements of Revenues and Certain Expenses
  F-3
  (b)    Pro forma financial information.
  The following unaudited Pro Forma Consolidated Financial Statements of Parkway for the year ended December 31, 2011 and as of and for the nine months ended September 30, 2012 are attached hereto:
  Pro Forma Consolidated Financial Statements (Unaudited)
  F-5
  Pro Forma Consolidated Balance Sheet (Unaudited) – As of September 30, 2012
  Pro Forma Consolidated Statements of Operations and Comprehensive Income
  F-6
  (Unaudited) – for the Year Ended December 31, 2011
  F-7
  Pro Forma Consolidated Statements of Operations and Comprehensive Income
  (Unaudited) – for the Nine Months Ended September 30, 2012
  F-8
  Notes to Pro Forma Consolidated Statements of Operations and Comprehensive Income (Unaudited)
  F-9
  As this property is directly owned by an entity that has elected to be treated as a real estate investment trust (as specified under sections 856-860 of the Internal Revenue Code of 1986) for Federal income tax purposes, a presentation of estimated taxable operating results is not applicable.
  (d)      Exhibits
  23.1    Consent of Ernst & Young LLP
  SIGNATURES
  Pursuant to the requirements of the Securites Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.
  Date:  March 5, 2013
  PARKWAY PROPERTIES, INC.
  BY:
  /s/ Jeremy R. Dorsett
  Jeremy R. Dorsett
  Executive Vice President and
  General Counsel
  Independent Auditors' Report
  The Board of Directors
  Parkway Properties, Inc.:
  We have audited the accompanying statement of revenues and certain expenses of Phoenix Tower (the Property) for the year ended December 31, 2011.  This statement of revenues and certain expenses is the responsibility of the Property's management.  Our responsibility is to express an opinion on this financial statement based on our audit.
  We conducted our audit in accordance with auditing standards generally accepted in the United States of America.  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the statement of revenues and certain expenses is free of material misstatement.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement.  We believe that our audit provides a reasonable basis for our opinion.
  The accompanying statement of revenues and certain expenses of the Property was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission, as described in Note 2, for inclusion in a Form 8-K of Parkway Properties, Inc. and is not intended to be a complete presentation of the Property's revenues and expenses.
  In our opinion, the statement of revenues and certain expenses referred to above presents fairly, in all material respects, the revenues and certain expenses described in Note 2 of the Property for the year ended December 31, 2011 in conformity with U.S. generally accepted accounting principles.
  /s/ Ernst & Young LLP
  Houston, Texas
  March 5, 2013
  F -1
  Phoenix Tower
  Statements of Revenues
  and Certain Expenses
  (in thousands)
  Nine Months Ended
  September 30, 2012
  Year Ended
  December 31, 2011
  Revenues:
  (unaudited)
  Rental property revenue
  $
  10,563
  $
  11,258
  Other income
  221
  189
  10,784
  11,447
  Certain expenses:
  Operating expenses
  2,528
  3,287
  Real estate taxes
  1,345
  1,263
  Personnel
  709
  893
  Utilities
  962
  1,472
  5,544
  6,915
  Excess of revenues over certain expenses
  $
  5,240
  $
  4,532
  See accompanying notes to statements of revenues and certain expenses.
  F -2
  Phoenix Tower
  Notes to Statements of Revenues
  and Certain Expenses
  1.    Organization and Significant Accounting Policies
  Description of Property
  On December 20, 2012, PKY 3200 SW Freeway, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of Phoenix Tower, a 626,000 square foot (unaudited) office tower located in the  Greenway submarket of Houston, Texas, for a gross purchase price of $123.8 million.  Phoenix Tower is a 26-story, Class A office tower that sits atop an eight-story parking garage.
  Management's Use of Estimates
  The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of revenues and certain expenses during the reporting period.  Actual results could differ from those estimates.
  Rental Revenue
  Minimum rents from leases are recognized as revenue ratably over the term of each lease using the straight-line method assuming an acquisition on January 1, 2011.  Tenant reimbursements are recognized as revenue as the applicable services are rendered or expenses incurred.
  The future minimum rents for the Property's non-cancelable operating leases at December 31, 2011 are as follows (in thousands):
  Year
  Amount
  2012
  $
  6,504
  2013
  7,399
  2014
  7,153
  2015
  5,946
  2016
  5,331
  Thereafter
  9,398
  $
  41,731
  The above amounts do not include tenant reimbursements for utilities, taxes, insurance and common area maintenance.
  During the year ended December 31, 2011, two tenants accounted for approximately 37.7% of the Property's rental property revenue.  No other tenant accounted for more than 10% of rental property revenue in 2011.
  F -3
  2.     Basis of Accounting
  The accompanying statement of revenues and certain expenses is presented on the accrual basis.  The statement has been prepared for the purpose of complying with Rule 3-14 of Regulation S-X of the Securities and Exchange Commission for real estate properties acquired.  Accordingly, the statement excludes certain expenses not comparable to the future operations of the Property such as depreciation and amortization, interest, management fees, income taxes and payroll and other costs not directly related to the proposed future operations of the Property.  Management is not aware of any material factors relating to the Property that would cause the reported financial information not to be necessarily indicative of future operating results.
  The accompanying unaudited interim statement of revenues and certain expenses was prepared on the same basis as the statement of revenues and certain expenses for the year ended December 31, 2011.  In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair presentation of the information for this interim period have been made.  The excess of revenues over certain expenses for such interim period is not necessarily indicative of the excess of revenue over certain expenses for the full year.
  3.     Subsequent Events
  Management has evaluated subsequent events related to the Property for recognition of disclosure through March 5, 2013, which is the date the statement of revenues and certain expenses was available to be issued.   On February 20, 2013, the Company obtained an $80.0 million non-recourse first mortgage secured by the Property.  The mortgage loan has a fixed interest rate of 3.9%, a 24-month interest only period and a maturity date of March 1, 2023.
  F -4
  PARKWAY PROPERTIES, INC.
  Pro Forma Balance Sheet and Pro Forma Consolidated Statements of Operations and Comprehensive Income
  (Unaudited)
  The following pro forma consolidated balance sheet (unaudited) as of September 30, 2012 and pro forma consolidated statements of operations and comprehensive income (unaudited) of the Company for the year ended December 31, 2011 and nine months ended September 30, 2012 give effect to the purchase of Phoenix Tower for the periods stated.  The pro forma consolidated financial statements have been prepared by management of Parkway based upon the historical financial statements of Parkway and the adjustments and assumptions in the accompanying notes to the pro forma consolidated financial statements.
  The pro forma consolidated balance sheet sets forth the effect of Phoenix Tower as if the purchase had been consummated on September 30, 2012.
  The pro forma consolidated statements of operations and comprehensive income set forth the effect of Phoenix Tower as if the purchase had been consummated on January 1, 2011.
  These pro forma consolidated financial statements may not be indicative of the results that actually would have occurred if the transaction had occurred on the dates indicated or which may be obtained in the future.  The pro forma consolidated financial statements should be read in conjunction with the consolidated financial statements and notes of Parkway included in its annual report on Form 10-K for the year ended December 31, 2011.
  F -5
  PARKWAY PROPERTIES, INC.
  PRO FORMA CONSOLIDATED BALANCE SHEET
  SEPTEMBER 30, 2012
  (Unaudited)
  Parkway
  Historical
  Pro Forma
  Adjustments (1)
  Parkway
  Pro Forma
  Assets
  (In thousands)
  Real estate related investments:
  Office and parking properties
  $
  1,442,759
  $
  115,538
  $
  1,558,297
  Accumulated depreciation
  (190,154
  )
  -
  (190,154
  )
  1,252,605
  115,538
  1,339,930
  Land available for sale
  250
  -
  250
  1,252,855
  115,538
  1,340,180
  Rents receivable and other assets
  109,874
  2,674
  112,548
  Intangible assets, net
  114,018
  11,712
  125,730
  Assets held for sale
  7,031
  -
  7,031
  Management contracts, net
  47,010
  -
  47,010
  Cash and cash equivalents
  53,556
  -
  53,556
  Total assets
  $
  1,584,344
  $
  129,924
  $
  1,714,268
  Liabilities
  Notes payable to banks
  $
  125,000
  $
  123,176
  $
  248,176
  Mortgage notes payable
  549,429
  -
  549,429
  Accounts payable and other liabilities
  79,868
  6,748
  86,616
  Liabilities related to assets held for sale
  361
  -
  361
  Total liabilities
  754,658
  129,924
  884,582
  Stockholders' Equity
  8.00% Series D Preferred stock, $.001 par value, 5,421,296   shares authorized, issued and outstanding
  128,942
  -
  128,942
  Common stock, $.001 par value, 98,578,704 shares authorized, 41,191,461 shares issued and outstanding
  41
  -
  41
  Common stock held in trust, at cost, 9,964 shares
  (186
  )
  -
  (186
  )
  Additional paid-in capital
  719,031
  -
  719,031
  Accumulated other comprehensive loss
  (4,711
  )
  -
  (4,711
  )
  Accumulated deficit
  (278,923
  )
  -
  (278,923
  )
  Total Parkway Properties, Inc. stockholders' equity
  564,194
  -
  564,194
  Noncontrolling interests
  265,492
  -
  265,492
  Total equity
  829,686
  -
  829,686
  Total liabilities and equity
  $
  1,584,344
  $
  129,924
  $
  1,714,268
  See accompanying notes.
  F -6
  PARKWAY PROPERTIES, INC.
  PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
  FOR THE YEAR ENDED DECEMBER 31, 2011
  (Unaudited)
  Parkway Historical
  Pro Forma
  Adjustments (2)
  Parkway
  Pro Forma
  (In thousands, except per share data)
  Revenues
  Income from office and parking properties
  $
  149,000
  $
  12,773
  $
  161,773
  Management company income
  16,896
  -
  16,896
  Total revenues
  165,896
  12,773
  178,669
  Expenses and other
  Property operating expense
  61,637
  6,915
  68,552
  Depreciation and amortization
  57,002
  8,405
  65,407
  Impairment loss on real estate
  6,420
  -
  6,420
  Impairment loss on mortgage loan receivable
  9,235
  -
  9,235
  Change in fair value of contingent consideration
  (13,000
  )
  -
  (13,000
  )
  Management company expenses
  13,337
  -
  13,337
  General and administrative
  18,805
  -
  18,805
  Acquisition costs
  17,219
  -
  17,219
  Total expenses and other
  170,655
  15,320
  185,975
  Operating loss
  (4,759
  )
  (2,547
  )
  (7,306
  )
  Other income and expenses
  Interest and other income
  938
  -
  938
  Equity in earnings of unconsolidated joint ventures
  57
  -
  57
  Gain on sale of real estate
  743
  -
  743
  Interest expense
  (31,612
  )
  (4,959
  )
  (36,571
  )
  Loss before income taxes
  (34,633
  )
  (7,506
  )
  (42,139
  )
  Income tax expense
  (56
  )
  -
  (56
  )
  Loss from continuing operations
  (34,689
  )
  (7,506
  )
  (42,195
  )
  Discontinued operations:
  Loss from discontinued operations
  (195,139
  )
  -
  (195,139
  )
  Gain on sale of real estate from discontinued operations
  17,825
  -
  17,825
  Total discontinued operations
  (177,314
  )
  -
  (177,314
  )
  Net loss
  (212,003
  )
  (7,506
  )
  (219,509
  )
  Net loss attributable to noncontrolling interests
  85,100
  -
  85,100
  Net loss for Parkway Properties, Inc.
  (126,903
  )
  (7,506
  )
  (134,409
  )
  Change in market value of interest rate swaps
  (337
  )
  -
  (337
  )
  Comprehensive loss
  $
  (127,240
  )
  $
  (7,506
  )
  $
  (134,746
  )
  Net loss for Parkway Properties, Inc.
  $
  (126,903
  )
  $
  (7,506
  )
  $
  (134,409
  )
  Dividends on preferred stock
  (10,052
  )
  -
  (10,052
  )
  Net loss attributable to common stockholders
  $
  (136,955
  )
  $
  (7,506
  )
  $
  (144,461
  )
  Net loss per common share attributable to Parkway Properties, Inc.:
  Basic and Diluted:
  Loss from continuing operations attributable to Parkway Properties, Inc.
  $
  (1.80
  )
  $
  (2.15
  )
  Discontinued operations
  (4.57
  )
  (4.57
  )
  Basic and diluted net loss attributable to Parkway Properties, Inc.
  $
  (6.37
  )
  $
  (6.72
  )
  Weighted average shares outstanding:
  Basic
  21,497
  21,497
  Diluted
  21,497
  21,497
  Amounts attributable to Parkway Properties, Inc. common stockholders:
  Loss from continuing operations attributable to Parkway Properties, Inc.
  $
  (38,710
  )
  $
  (46,216
  )
  Discontinued operations
  (98,245
  )
  (98,245
  )
  Net loss attributable to common stockholders
  $
  (136,955
  )
  $
  (144,461
  )
  See accompanying notes.
  F -7
  PARKWAY PROPERTIES, INC.
  PRO FORMA CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
  (Unaudited)
  Parkway Historical
  Pro Forma
  Adjustments (2)
  Parkway
  Pro Forma
  (In thousands, except per share data)
  Revenues
  Income from office and parking properties
  $
  149,995
  $
  11,777
  $
  161,772
  Management company income
  14,996
  -
  14,996
  Total revenues
  164,991
  11,777
  176,768
  Expenses and other
  Property operating expense
  58,803
  5,544
  64,347
  Depreciation and amortization
  59,046
  5,917
  64,963
  Change in fair value of contingent consideration
  216
  -
  216
  Management company expenses
  12,966
  -
  12,966
  General and administrative
  11,266
  -
  11,266
  Acquisition costs
  1,491
  -
  1,491
  Total expenses and other
  143,788
  11,461
  155,249
  Operating income
  21,203
  316
  21,519
  Other income and expenses
  Interest and other income
  205
  -
  205
  Gain on sale of real estate
  48
  -
  48
  Recovery of losses on mortgage loan receivable
  500
  -
  500
  Interest expense
  (26,301
  )
  (2,300
  )
  (28,601
  )
  Loss before income taxes
  (4,345
  )
  (1,984
  )
  (6,329
  )
  Income tax expense
  (143
  )
  -
  (143
  )
  Loss from continuing operations
  (4,488
  )
  (1,984
  )
  (6,472
  )
  Discontinued operations:
  Income from discontinued operations
  2,538
  -
  2,538
  Gain on sale of real estate from discontinued operations
  9,767
  -
  9,767
  Total discontinued operations
  12,305
  -
  12,305
  Net Income
  7,817
  (1,984
  )
  5,833
  Net loss attributable to noncontrolling interest – real estate partnerships
  1,789
  -
  1,789
  Net income attributable to noncontrolling interests – unit holders
  1
  -
  1
  Net income for Parkway Properties, Inc.
  9,607
  (1,984
  )
  7,623
  Change in market value of interest rate swaps
  (1,371
  )
  -
  (1,371
  )
  Comprehensive income
  $
  8,236
  $
  (1,984
  )
  $
  6,252
  Net income for Parkway Properties, Inc.
  $
  9,607
  $
  (1,984
  )
  $
  7,623
  Dividends on preferred stock
  (8,132
  )
  -
  (8,132
  )
  Dividends on convertible preferred stock
  (1,011
  )
  -
  (1,011
  )
  Net income (loss) attributable to common stockholders
  $
  464
  $
  (1,984
  )
  $
  (1,520
  )
  Net income (loss) per common share attributable to Parkway Properties, Inc.:
  Basic and Diluted:
  Loss from continuing operations attributable to Parkway Properties, Inc.
  $
  (0.28
  )
  $
  (0.36
  )
  Discontinued operations
  0.30
  0.30
  Basic and diluted net income (loss) attributable to Parkway Properties, Inc.
  $
  0.02
  $
  (0.06
  )
  Weighted average shares outstanding:
  Basic
  27,199
  27,199
  Diluted
  27,199
  27,199
  Amounts attributable to Parkway Properties, Inc. common stockholders:
  Loss from continuing operations attributable to Parkway Properties, Inc.
  $
  (7,622
  )
  $
  (9,606
  )
  Discontinued operations
  8,086
  8,086
  Net income (loss) attributable to common stockholders
  $
  464
  $
  (1,520
  )
  See accompanying notes.
  F -8
  PARKWAY PROPE
  RTIES, INC.
  Notes to Pro Forma Consolidated Financial Statements
  (Unaudited)
  1.
  On December 20, 2012, PKY 3200 SW Freeway, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of Phoenix Tower, a 626,000 square foot office tower located in the  Greenway submarket of Houston, Texas for gross purchase price of $123.8 million.  Phoenix Tower is a LEED® Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage.  On February 20, 2013, the Company obtained an $80.0 non-recourse first mortgage secured by Phoenix Tower.  The mortgage loan has a fixed interest rate of 3.9%, a 24-month interest only period and matures March 1, 2023.  The Company acquired Phoenix Tower from FSP Phoenix Tower Limited Partnership (the "Seller"), a Texas limited partnership, and funded the acquisition with a combination of proceeds from its December 2012 common equity offering and borrowings under its Amended and Restated Credit Agreement (the "Credit Facility").  For purposes of the pro forma consolidated financial statements, the acquisition is assumed to be funded using only borrowings under the Credit Facility.  The Seller is not affiliated with the Company or its advisors.
  The pro forma adjustments to the Consolidated Balance Sheet as of September 30, 2012 set forth the effects of Parkway's purchase of Phoenix Tower as if the purchase had been consummated on September 30, 2012.
  The pro forma effect of the allocation of purchase price to assets acquired and liabilities assumed with the purchase of Phoenix Tower is as follows (in thousands):
  Pro Forma Adjustments
  Real estate investments:
  Land
  $
  9,187
  Building
  97,842
  Site improvements
  305
  Tenant improvements
  8,204
  Total real estate investments acquired
  115,538
  Lease costs
  2,674
  Intangible assets:
  Lease in place value
  11,712
  Total assets acquired
  $
  129,924
  Liabilities assumed:
  Below market leases
  $
  6,400
  Total liabilities assumed
  $
  6,400
  Pro forma effect of net assets acquired
  $
  123,524
  F -9
  The pro forma effect of additional amounts paid by Parkway or received from the seller in connection with the purchase of this office property is as follows (in thousands):
  Pro Forma
  Adjustments
  Accounts payable and other liabilities:
  Security deposits payable
  $
  223
  Other payables
  105
  Prepaid rent
  20
  $
  348
  2.
  The pro forma adjustments to the Consolidated Statements of Operations and Comprehensive Income for the year ended December 31, 2011 and nine months ended September 30, 2012 set forth the effect of Parkway's purchase of Phoenix Tower as if the purchase had been consummated on January 1, 2011.
  The pro forma adjustments are detailed below for the year ended December 31, 2011 and nine months ended September 30, 2012.
  The effect of the purchase of Phoenix Tower on income and expenses from real estate properties is as follows:
  (a)   For the year ended December 31, 2011 (in thousands):
  Pro Forma Adjustments
  Rental property revenue
  $
  11,258
  Other income
  189
  Below market lease value amortization
  1,326
  Income from office and parking properties
  12,773
  Property operating expenses
  6,915
  Depreciation and amortization
  8,405
  Total expenses
  15,320
  Operating loss
  (2,547
  )
  Interest expense
  (4,959
  )
  Loss from continuing operations
  (7,506
  )
  Loss from continuing operations attributable to common stockholders
  $
  (7,506
  )
  F -10
  Depreciation and amortization is provided by the straight-line method over the estimated useful life of the asset as defined below:
  Estimated Useful Life
  Building and garage
  40 years
  Building improvements
  15 years
  Tenant improvements
  Remaining term of lease
  Lease in place value
  Remaining term of lease including expected renewals
  Lease costs
  Remaining term of lease
  Above and below market leases
  Remaining term of lease
  (b)   For the nine months ended September 30, 2012 (in thousands):
  Pro Forma Adjustments
  Rental property revenue
  $
  10,563
  Other income
  221
  Below market lease value amortization
  993
  Income from office and parking properties
  11,777
  Property operating expenses
  5,544
  Depreciation and amortization
  5,917
  Total expenses
  11,461
  Operating income
  316
  Interest expense
  (2,300
  )
  Loss from continuing operations
  (1,984
  )
  Loss from continuing operations attributable to common stockholders
  $
  (1,984
  )
  Depreciation is provided by the straight-line method over the estimated useful life of the asset as defined in (a) above.
  (c)   The pro forma effect of the Phoenix Tower acquisition on interest expense related to additional borrowings on the Company's notes payable to banks ($123.2 million at September 30, 2012 with an effective interest rate of 4.0% for the year ended December 31, 2011 and 2.5% for the nine months ended September 30, 2012) was $5.0 million for the year ended December 31, 2011 and $­2.3 million for the nine months ended September 30, 2012.
  3.       No additional income tax expenses were provided because of the Company's net operating loss carryover and status as a REIT.
  F -11