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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/A</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Amendment No. 1</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;October 31, 2012</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-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">On December 31, 2012, Parkway 550 South Caldwell, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of NASCAR Plaza, a 390,000 square foot office tower located in the central business district of Charlotte, North Carolina for $99.9 million. &#160;In connection with the acquisition, the Company assumed the existing first mortgage secured by the property with a stated value of $42.6 million, a fixed interest rate of 4.7% and a maturity date of March 30, 2016.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 12pt">On November 1, 2012, the Company filed a Current Report on Form 8-K (the "Initial Report") with regard to the execution of the purchase and sale agreement for the acquisition of the NASCAR Plaza.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">This amendment is being filed for the sole purpose of filing the financial statements prepared pursuant to Rule 3-14 of Regulation S-X and pro forma financial information required by Item 9.01 of Form 8-K, and should be read in conjunction with the Initial Report.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">After reasonable inquiry, the Company is not aware of any other material factors relating to this property that would cause the reported financial information not to be necessarily indicative of future operating results.</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The Company and its operations are, however, subject to a number of risks and uncertainties. &#160;For a discussion of such risks, see the risks identified in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and Form 10-Q for the quarter ended September, 30, 2012 under Item 1A Risk Factors and in the other reports filed by the Company with the Securities and Exchange Commission.</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 NASCAR Plaza 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: center; FONT-WEIGHT: bold">SIGNATURES</div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;&#160;&#160;&#160; Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this amended report to be signed on its behalf by the undersigned hereunto duly authorized.<br>
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> Date: &#160;February 6, 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="LETTER-SPACING: 9pt; FONT-SIZE: 1px">&#160;&#160;</font>BY:</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"><u>/s/ Jeremy R. Dorsett</u></font></div>
  
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  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Parkway Properties, Inc.:</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 NASCAR Plaza (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/A 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: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Houston, Texas</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">February 6, 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">NASCAR Plaza<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
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  </font>Statements of Revenues<font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> and Certain Expenses</div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">(in thousands)</div>
  
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  <div>&#160;</div>
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  <td style="WIDTH: 15px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 151px; 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>
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  <td style="WIDTH: 5px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 141px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
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  <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>
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  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Revenues:</div>
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  <td style="WIDTH: 141px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
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  <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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;Rental property revenue</div>
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  <td style="WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
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  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">4,474</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 2.79%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">$</div>
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  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,760</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="PADDING-BOTTOM: 2px; WIDTH: 70.19%; 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>
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  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">44</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: 2.79%; 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">53</div>
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  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">4,518</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 2.79%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
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  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">5,813</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 7.69%; 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: 2.79%; 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>
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  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Certain expenses:</div>
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  <td style="WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 7.69%; 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: 2.79%; 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>
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  <td style="WIDTH: 70.19%; 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>
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  <td style="WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">918</div>
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  <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: 2.79%; 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">1,037</div>
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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;Real estate taxes</div>
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  <td style="TEXT-ALIGN: right; WIDTH: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">581</div>
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  <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: 2.79%; 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">789</div>
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  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="WIDTH: 70.19%; 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: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">222</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: 2.79%; 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">298</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
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  <td style="WIDTH: 70.19%; 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>
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  <td style="WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">301</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: 2.79%; 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">334</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: 70.19%; 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;Interest expense</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">1,099</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: 2.79%; 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">1,466</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: 70.19%; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 5.74%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: right; WIDTH: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">3,121</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: 2.79%; 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">3,924</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: 70.19%; 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: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 5.74%; 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: 7.69%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">1,397</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: 2.79%; VERTICAL-ALIGN: top" valign="bottom">&#160;</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">1,889</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  
  <font style="FONT-FAMILY: sans-serif; FONT-SIZE: 12pt"><br>
  </font><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center"><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> 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">
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center"><font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">NASCAR Plaza<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>
  </font></font><br>
  </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> 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>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">On December 31, 2012, Parkway 550 South Caldwell, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of NASCAR Plaza, <font style="FONT-FAMILY: 'Times New Roman', serif; COLOR: #000000; FONT-SIZE: 12pt">a </font>390,000 square foot (unaudited) office tower located in the central business district of Charlotte, North Carolina for $99.9 million. &#160;In connection with the acquisition, the Company assumed the existing first mortgage secured by the property with a stated value of $42.6 million, with a fixed interest rate of 4.7% and a maturity date of March 30, 2016.</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>
  </div>
  
  <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>
  </div>
  
  <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. &#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>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">
  <table style="WIDTH: 75%; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 10pt" border="0" cellspacing="0" cellpadding="0" align="left">
  <tr>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold"><u>Year</u></div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 15px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 116px; 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; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 88%; 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: 1.27%; 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">4,541</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: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2013</div>
  </td>
  <td style="WIDTH: 1.27%; 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">&#160;</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">8,395</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr style="HEIGHT: 18px">
  <td style="WIDTH: 88%; 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: 1.27%; 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">&#160;</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">8,944</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: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2015</div>
  </td>
  <td style="WIDTH: 1.27%; 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">&#160;</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">8,687</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: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">2016</div>
  </td>
  <td style="WIDTH: 1.27%; 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">&#160;</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">8,694</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: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Thereafter</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 1.27%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  </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">54,681</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: 1.27%; 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">93,942</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</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>
  </div>
  
  <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 77.9% 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>
  
  <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: 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, 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; Mortgage Note Payable</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">In connection with the acquisition, the Company assumed the existing first mortgage secured by the property with a stated value of $42.6 million, with a fixed interest rate of 4.7% and a maturity date of March 30, 2016. &#160;As the Company assumed the existing mortgage secured by the property, interest expense associated with the existing mortgage is presented within certain expenses at an effective rate of 3.4% as it is comparable to the future operations of the Property.</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">4. &#160; &#160; Subsequent Events</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">The acquisition of the Property was completed on December 31, 2012. &#160;Management has evaluated subsequent events related to the Property for recognition of disclosure through February 6, 2013, which is the date the statement of revenues and certain expenses was available to be issued and determined that there are no other items to disclose.</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="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>
  
  <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>&#160;</div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; FONT-WEIGHT: bold">PARKWAY PROPERTIES, INC.</div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt; 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: 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 NASCAR Plaza 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><br>
  </div>
  
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  <div><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;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><br>
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  <div><br>
  </div>
  
  <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-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">(Unaudited)</div>
  
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  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: top" valign="bottom">
  <div>&#160;</div>
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  <td style="BORDER-BOTTOM: #000000 2px solid; WIDTH: 99px; VERTICAL-ALIGN: top" valign="bottom" colspan="2">
  <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; 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">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">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>
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  <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="WIDTH: 11px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 99px; 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 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="WIDTH: 11px; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="WIDTH: 99px; 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="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: 1.1%; 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,442,759</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</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">87,325</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">1,530,084</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: 1.1%; 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%; 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: 1.1%; 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%; 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">87,325</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: 1.1%; 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>
  <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 style="BORDER-BOTTOM: #000000 10px solid">
  <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: 1.1%; 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%; 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: 1.1%; 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%; 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">87,325</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: 1.1%; 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>
  <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: 1.1%; 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%; 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">3,491</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">113,365</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: 1.1%; 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%; 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">13,508</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">127,526</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: 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: 1.1%; 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%; 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: 1.1%; 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%; 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 style="HEIGHT: 20px">
  <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: 1.1%; 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%; 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">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: 1.1%; 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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,584,344</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</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">104,324</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">1,688,668</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: 1.1%; 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>
  <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: 1.1%; 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>
  <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: 1.1%; 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">125,000</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</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">56,600</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">181,600</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr style="HEIGHT: 18px">
  <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: 1.1%; 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%; 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">42,977</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">592,406</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: 1.1%; 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%; 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">4,747</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">84,615</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: 1.1%; 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%; 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: 1.1%; 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%; 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">104,324</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">858,982</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: 1.1%; 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>
  <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: 1.1%; 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>
  <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">8.00% Series D Preferred stock, $.001 par value, 5,421,296 &#160; shares authorized, issued and outstanding</div>
  </td>
  <td style="WIDTH: 1.1%; 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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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: 1.1%; 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%; 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: 1.1%; 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%; 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: 1.1%; 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%; 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: 1.1%; 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%; 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: 1.1%; 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%; 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: 1.1%; 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%; 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: 1.1%; 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%; 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: 1.1%; 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%; 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: 1.1%; 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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">1,584,344</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt">$</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">104,324</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">1,688,668</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  
  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 11pt"><br>
  </font><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
   &#160;</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><br>
  </div>
  
  <div style="TEXT-ALIGN: left; TEXT-INDENT: 130.15pt; 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>
  
  <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 (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: 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; FONT-FAMILY: 'Times New Roman', serif; 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="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="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; FONT-FAMILY: 'Times New Roman', serif; 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">5,205</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">
  <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">154,205</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">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%; 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">5,205</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">171,101</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%; 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">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%; 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">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">2,458</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">64,095</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; FONT-FAMILY: 'Times New Roman', serif; 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">4,338</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">61,340</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; FONT-FAMILY: 'Times New Roman', serif; 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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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>
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  <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%; 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>
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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">
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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">(13,000</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">-</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">(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>
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  </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">Management company expenses</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">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%; 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>
  </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">General and administrative</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">18,805</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%; 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>
  </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%; 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 style="HEIGHT: 14px">
  <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">6,796</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">177,451</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%; 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">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">(1,591</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">(6,350</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%; 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">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%; 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">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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; 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="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">
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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">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</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">(35,363</div>
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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>
  </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%; 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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  <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">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">
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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">(5,342</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">(39,975</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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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%; 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%; 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">Loss from continuing operations</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">(34,689</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">(5,342</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">(40,031</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; FONT-FAMILY: 'Times New Roman', serif; 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%; 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 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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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%; 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%; 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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  <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">Net loss</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">(212,003</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">(5,342</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">(217,345</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; FONT-FAMILY: 'Times New Roman', serif; 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>
  <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%; 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>
  
  <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%; 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">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>
  </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">(5,342</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">(132,245</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">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>
  </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">(1,709</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">(2,046</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">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">(7,051</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">(134,291</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%; 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">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">(5,342</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">(132,245</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; FONT-FAMILY: 'Times New Roman', serif; 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%; 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; 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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(136,955</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(5,342</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">(142,297</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%; 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">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%; 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%; 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%; 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%; 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(1.80</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(2.05</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%; 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%; 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; FONT-FAMILY: 'Times New Roman', serif; 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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(6.37</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(6.62</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%; 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">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%; 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%; 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%; 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%; 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%; 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(38,710</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(44,052</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: 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%; 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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(136,955</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(142,297</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 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">
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  <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">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 NINE MONTHS ENDED SEPTEMBER 30, 2012</div>
  
  <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; WIDTH: 646px; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; WIDTH: 6px; 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 (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: 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="WIDTH: 646px; VERTICAL-ALIGN: bottom" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="WIDTH: 6px; 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="WIDTH: 646px; 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">Revenues</div>
  </td>
  <td style="WIDTH: 6px; 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="VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">149,995</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">4,062</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">154,057</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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">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%; 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: 64.41%; 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">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">4,062</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">169,053</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: 64.41%; 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%; 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: 64.41%; 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">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%; 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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">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">2,022</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>
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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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
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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">59,046</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">3,254</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">62,300</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
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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">216</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%; 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>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">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%; 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>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">General and administrative</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">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%; 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: 64.41%; 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">1,491</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%; 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: 64.41%; 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">143,788</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">5,276</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">149,064</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: 64.41%; 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%; 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: 64.41%; 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">Operating 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">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">(1,214</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">19,989</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; 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%; 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: 64.41%; 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">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%; 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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">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%; 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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">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%; 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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Recovery of losses 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">
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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>
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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">500</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="PADDING-BOTTOM: 2px; WIDTH: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Interest expense</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">(26,301</div>
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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>
  <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">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</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">(28,460</div>
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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>
  </td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; 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%; 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: 64.41%; 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">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">(4,345</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">(3,373</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">(7,718</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: 64.41%; 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%; 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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">(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%; 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: 64.41%; 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%; 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: 64.41%; 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">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">(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">(3,373</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">(7,861</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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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%; 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: 64.41%; 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;Income 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">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%; 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: 64.41%; 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;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">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%; 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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">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%; 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>
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  <td style="WIDTH: 64.41%; 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%; 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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  <td style="WIDTH: 64.41%; 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</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">
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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">(3,373</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">4,444</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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%; 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%; 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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Net income attributable to noncontrolling interests &#8211; unit holders</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</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%; 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</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; 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%; 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: 64.41%; 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 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">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">(3,373</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">6,234</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: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">(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">(200</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">(1,571</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="PADDING-BOTTOM: 4px; WIDTH: 64.41%; 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">Comprehensive income</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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">8,236</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(3,573</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">4,663</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: 64.41%; 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%; 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: 64.41%; 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 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">9,607</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(3,373</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">6,264</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr>
  <td style="WIDTH: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">(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%; 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>
  <td style="WIDTH: 64.41%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt; MARGIN-RIGHT: 5.05pt">Dividends on convertible preferred stock</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">(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%; 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>
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  </tr>
  
  <tr>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 64.41%; 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%; 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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">464</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(3,373</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">(2,909</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 style="HEIGHT: 17px">
  <td style="WIDTH: 64.41%; 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%; 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 style="HEIGHT: 18px">
  <td style="WIDTH: 64.41%; 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) 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%; 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: 64.41%; 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%; 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%; 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: 64.41%; 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(0.28</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(0.41</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: 64.41%; 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%; 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%; 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: 64.41%; 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;Basic and diluted net income (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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">0.02</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(0.11</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: 64.41%; 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%; 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: 64.41%; 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">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%; 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: 64.41%; 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">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%; 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: 64.41%; 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">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%; 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="WIDTH: 64.41%; 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%; 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: 64.41%; 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%; 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: 64.41%; 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">$</div>
  </td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">(7,622</div>
  </td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">)</div>
  </td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(10,995</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: 64.41%; 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">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%; 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: 64.41%; 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%; 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">$</div>
  </td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: right; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">464</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px; WIDTH: 9%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom" nowrap="nowrap">&#160;</td>
  <td style="PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: bottom" valign="bottom">
  <div style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 8.5pt">$</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">(2,909</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 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>
  
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  <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>
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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 NASCAR Plaza 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 NASCAR Plaza is as follows (in thousands):</div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">
  <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: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; 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="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">Building</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">76,771</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%; 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">20</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%; 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">10,534</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%; 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">87,325</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">Lease costs</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">3,329</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%; 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: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Above-market leases</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">7,558</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">Lease in place value</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: 12pt">5,950</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%; 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">104,162</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%; 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: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Liabilities assumed:</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: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Below market leases</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">2,663</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair value of interest rate swap</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">1,787</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">Mortgage notes payable</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">42,977</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 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%; VERTICAL-ALIGN: top" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 4px double; TEXT-ALIGN: left; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom">&#160;</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">47,427</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%; 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="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%; 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">56,735</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  </div>
  
  <div><br>
  </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;</div>
  
  <div><br>
  </div>
  
  <div>&#160;</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 and related financing of these office properties are as follows (in thousands):</div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">
  <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: top" valign="bottom">
  <div>&#160;</div>
  </td>
  <td style="PADDING-BOTTOM: 2px; VERTICAL-ALIGN: bottom" valign="bottom">&#160;</td>
  <td style="BORDER-BOTTOM: #000000 2px solid; 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">Rents receivable and other 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>
  </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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Escrows and other deposits</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">138</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">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Capitalized loan costs, net</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: 12pt">24</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>&#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">162</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  
  <tr style="HEIGHT: 18px">
  <td style="WIDTH: 88%; 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="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: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">Prepaid rent</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">258</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">Security deposits payable</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">39</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">297</div>
  </td>
  <td style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px; WIDTH: 1%; VERTICAL-ALIGN: top" valign="bottom" nowrap="nowrap">&#160;</td>
  </tr>
  </table>
  </div>
  
  <div><br>
  </div>
  
  <div><br>
  </div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">See note 2(c) for discussion of notes payable to banks and mortgage notes payable.</div>
  
  <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 NASCAR Plaza 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 NASCAR Plaza 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 style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; TEXT-INDENT: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt">
  <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: 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">5,760</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">53</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">Above 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">(608</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="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">5,205</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">2,458</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="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">4,338</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">6,796</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">(1,591</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">(3,751</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%; 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">(5,342</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">Net loss attributable to noncontrolling interests</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">-</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: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">(5,342</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>
  
  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt">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><br>
  </div>
  
  <div><br>
  </div>
  
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  <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="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 style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">&#160;</div>
  
  <div style="TEXT-ALIGN: justify; FONT-FAMILY: 'Times New Roman', serif; MARGIN-LEFT: 36pt; FONT-SIZE: 12pt">
  <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: 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">4,474</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">44</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">Above 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">(456</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="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">4,062</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">2,022</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="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">3,254</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">5,276</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">(1,214</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">(2,159</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%; 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">(3,373</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">Net loss attributable to noncontrolling interests</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">-</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: 88%; VERTICAL-ALIGN: top" valign="bottom">
  <div style="TEXT-ALIGN: left; FONT-FAMILY: 'Times New Roman', serif; 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">(3,373</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>
  
  <div><br>
  </div>
  
  <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;&#160;The pro forma effect of the NASCAR Plaza acquisition on interest expense related to additional borrowings on the Company's notes payable to banks ($56.6 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 $2.3 million for the year ended December 31, 2011 and $&#173;1.1 million for the nine months ended September 30, 2012. &#160;The pro forma effect on interest expense related to mortgage notes payable ($43.0 million at September 30, 2012 with an effective interest rate of 3.4%) was $1.5 million for the year ended December 31, 2011 and $1.1 million for the nine months ended September 30, 2012.</div>
  
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  <font style="FONT-FAMILY: 'Times New Roman', serif; FONT-SIZE: 12pt"><br>
  </font> 2.&#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>
  
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  <div style="TEXT-ALIGN: center; FONT-FAMILY: 'Times New Roman', Times, Serif; FONT-SIZE: 8pt" id="DSPFPageNumberArea">F-10</div>
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metadata_documents: [{"type": "8-K", "sequence": "1", "filename": "f8knascaraudit.htm", "description": "NASCAR PROPERTYAUDIT", "secsgml_size_bytes": 368482}]
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": "13579104"}, "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/A
  Amendment No. 1
  Current Report
  Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
  Date of Report (date of earliest event reported):  October 31, 2012
  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))
  Explanatory Note
  On December 31, 2012, Parkway 550 South Caldwell, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of NASCAR Plaza, a 390,000 square foot office tower located in the central business district of Charlotte, North Carolina for $99.9 million.  In connection with the acquisition, the Company assumed the existing first mortgage secured by the property with a stated value of $42.6 million, a fixed interest rate of 4.7% and a maturity date of March 30, 2016.
  On November 1, 2012, the Company filed a Current Report on Form 8-K (the "Initial Report") with regard to the execution of the purchase and sale agreement for the acquisition of the NASCAR Plaza.
  This amendment is being filed for the sole purpose of filing the financial statements prepared pursuant to Rule 3-14 of Regulation S-X and pro forma financial information required by Item 9.01 of Form 8-K, and should be read in conjunction with the Initial Report.
  After reasonable inquiry, the Company is not aware of any other material factors relating to this property that would cause the reported financial information not to be necessarily indicative of future operating results.
  The Company and its operations are, however, subject to a number of risks and uncertainties.  For a discussion of such risks, see the risks identified in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2011 and Form 10-Q for the quarter ended September, 30, 2012 under Item 1A Risk Factors and in the other reports filed by the Company with the Securities and Exchange Commission.
  Item 9.01  Financial Statements and Exhibits.
  (a)    Financial Statements of Selected Acquisition Properties.
  The following audited financial statement of NASCAR Plaza 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-4
  Pro Forma Consolidated Balance Sheet (Unaudited) – As of September 30, 2012
  Pro Forma Consolidated Statements of Operations and Comprehensive Income
  F-5
  (Unaudited) – for the Year Ended December 31, 2011
  F-6
  Pro Forma Consolidated Statements of Operations and Comprehensive Income
  (Unaudited) – for the Nine Months Ended September 30, 2012
  F-7
  Notes to Pro Forma Consolidated Statements of Operations and Comprehensive Income (Unaudited)
  F-8
  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 Securities 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:  February 6, 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 NASCAR Plaza (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/A 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
  February 6, 2013
  F-1
  NASCAR Plaza
  Statements of Revenues
  and Certain Expenses
  (in thousands)
  Nine Months Ended
  September 30, 2012
  Year Ended
  December 31, 2011
  Revenues:
  (unaudited)
  Rental property revenue
  $
  4,474
  $
  5,760
  Other income
  44
  53
  4,518
  5,813
  Certain expenses:
  Operating expenses
  918
  1,037
  Real estate taxes
  581
  789
  Personnel
  222
  298
  Utilities
  301
  334
  Interest expense
  1,099
  1,466
  3,121
  3,924
  Excess of revenues over certain expenses
  $
  1,397
  1,889
  See accompanying notes to statements of revenues and certain expenses.
  F-2
  NASCAR Plaza
  Notes to Statements of Revenues
  and Certain Expenses
  1.    Organization and Significant Accounting Policies
  Description of Property
  On December 31, 2012, Parkway 550 South Caldwell, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of NASCAR Plaza,
  a
  390,000 square foot (unaudited) office tower located in the central business district of Charlotte, North Carolina for $99.9 million.  In connection with the acquisition, the Company assumed the existing first mortgage secured by the property with a stated value of $42.6 million, with a fixed interest rate of 4.7% and a maturity date of March 30, 2016.
  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.  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
  $
  4,541
  2013
  8,395
  2014
  8,944
  2015
  8,687
  2016
  8,694
  Thereafter
  54,681
  $
  93,942
  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 77.9% 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, 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.     Mortgage Note Payable
  In connection with the acquisition, the Company assumed the existing first mortgage secured by the property with a stated value of $42.6 million, with a fixed interest rate of 4.7% and a maturity date of March 30, 2016.  As the Company assumed the existing mortgage secured by the property, interest expense associated with the existing mortgage is presented within certain expenses at an effective rate of 3.4% as it is comparable to the future operations of the Property.
  4.     Subsequent Events
  The acquisition of the Property was completed on December 31, 2012.  Management has evaluated subsequent events related to the Property for recognition of disclosure through February 6, 2013, which is the date the statement of revenues and certain expenses was available to be issued and determined that there are no other items to disclose.
  F-4
  PARKWAY PROPERTIES, INC.
  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 NASCAR Plaza 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 NASCAR Plaza 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 NASCAR Plaza 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
  $
  87,325
  $
  1,530,084
  Accumulated depreciation
  (190,154
  )
  -
  (190,154
  )
  1,252,605
  87,325
  1,339,930
  Land available for sale
  250
  -
  250
  1,252,855
  87,325
  1,340,180
  Rents receivable and other assets
  109,874
  3,491
  113,365
  Intangible assets, net
  114,018
  13,508
  127,526
  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
  $
  104,324
  $
  1,688,668
  Liabilities
  Notes payable to banks
  $
  125,000
  $
  56,600
  $
  181,600
  Mortgage notes payable
  549,429
  42,977
  592,406
  Accounts payable and other liabilities
  79,868
  4,747
  84,615
  Liabilities related to assets held for sale
  361
  -
  361
  Total liabilities
  754,658
  104,324
  858,982
  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
  $
  104,324
  $
  1,688,668
  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 (1)
  Parkway
  Pro Forma
  (In thousands, except per share data)
  Revenues
  Income from office and parking properties
  $
  149,000
  $
  5,205
  $
  154,205
  Management company income
  16,896
  -
  16,896
  Total revenues
  165,896
  5,205
  171,101
  Expenses and other
  Property operating expense
  61,637
  2,458
  64,095
  Depreciation and amortization
  57,002
  4,338
  61,340
  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
  6,796
  177,451
  Operating loss
  (4,759
  )
  (1,591
  )
  (6,350
  )
  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
  )
  (3,751
  )
  (35,363
  )
  Loss before income taxes
  (34,633
  )
  (5,342
  )
  (39,975
  )
  Income tax expense
  (56
  )
  -
  (56
  )
  Loss from continuing operations
  (34,689
  )
  (5,342
  )
  (40,031
  )
  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
  )
  (5,342
  )
  (217,345
  )
  Net loss attributable to noncontrolling interests
  85,100
  -
  85,100
  Net loss for Parkway Properties, Inc.
  (126,903
  )
  (5,342
  )
  (132,245
  )
  Change in market value of interest rate swaps
  (337
  )
  (1,709
  )
  (2,046
  )
  Comprehensive loss
  $
  (127,240
  )
  $
  (7,051
  )
  $
  (134,291
  )
  Net loss for Parkway Properties, Inc.
  $
  (126,903
  )
  $
  (5,342
  )
  $
  (132,245
  )
  Dividends on preferred stock
  (10,052
  )
  -
  (10,052
  )
  Net loss attributable to common stockholders
  $
  (136,955
  )
  $
  (5,342
  )
  $
  (142,297
  )
  Net loss per common share attributable to Parkway Properties, Inc.:
  Basic and Diluted:
  Loss from continuing operations attributable to Parkway Properties, Inc.
  $
  (1.80
  )
  $
  (2.05
  )
  Discontinued operations
  (4.57
  )
  (4.57
  )
  Basic and diluted net loss attributable to Parkway Properties, Inc.
  $
  (6.37
  )
  $
  (6.62
  )
  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
  )
  $
  (44,052
  )
  Discontinued operations
  (98,245
  )
  (98,245
  )
  Net loss attributable to common stockholders
  $
  (136,955
  )
  $
  (142,297
  )
  See accompanying notes.
  F-7
  PARKWAY PROPERTIES, INC.
  CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
  FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012
  (Unaudited)
  Parkway Historical
  Pro Forma
  Adjustments (1)
  Parkway
  Pro Forma
  (In thousands, except per share data)
  Revenues
  Income from office and parking properties
  $
  149,995
  $
  4,062
  $
  154,057
  Management company income
  14,996
  -
  14,996
  Total revenues
  164,991
  4,062
  169,053
  Expenses and other
  Property operating expense
  58,803
  2,022
  60,825
  Depreciation and amortization
  59,046
  3,254
  62,300
  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
  5,276
  149,064
  Operating income
  21,203
  (1,214
  )
  19,989
  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
  )
  (2,159
  )
  (28,460
  )
  Loss before income taxes
  (4,345
  )
  (3,373
  )
  (7,718
  )
  Income tax expense
  (143
  )
  -
  (143
  )
  Loss from continuing operations
  (4,488
  )
  (3,373
  )
  (7,861
  )
  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
  (3,373
  )
  4,444
  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
  (3,373
  )
  6,234
  Change in market value of interest rate swaps
  (1,371
  )
  (200
  )
  (1,571
  )
  Comprehensive income
  $
  8,236
  $
  (3,573
  )
  $
  4,663
  Net income for Parkway Properties, Inc.
  $
  9,607
  $
  (3,373
  )
  $
  6,264
  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
  $
  (3,373
  )
  $
  (2,909
  )
  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
  )
  $
  (0.41
  )
  Discontinued operations
  0.30
  0.30
  Basic and diluted net income (loss) attributable to Parkway Properties, Inc.
  $
  0.02
  $
  (0.11
  )
  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
  )
  $
  (10,995
  )
  Discontinued operations
  8,086
  8,086
  Net income (loss) attributable to common stockholders
  $
  464
  $
  (2,909
  )
  See accompanying notes.
  F-8
  PARKWAY PROPE
  RTIES, INC.
  Notes to Pro Forma Consolidated Financial Statements
  (Unaudited)
  1.
  On December 31, 2012, Parkway 550 South Caldwell, LLC (the "Buyer"), an affiliate of Parkway Properties, Inc. (the "Company" or "Parkway"), completed the acquisition of NASCAR Plaza, a 390,000 square foot (unaudited) office tower located in the central business district of Charlotte, North Carolina for $99.9 million.  In connection with the acquisition, the Company assumed the existing first mortgage secured by the property with a stated value of $42.6 million, a fixed interest rate of 4.7% and a maturity date of March 30, 2016.  The Company acquired NASCAR Plaza from 550 South Caldwell Investors, LLC (the "Seller"), a Delaware limited liability company, and funded the acquisition by the assumption of the existing first mortgage and with borrowings under its Amended and Restated Credit Agreement (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 NASCAR Plaza 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 NASCAR Plaza is as follows (in thousands):
  Pro Forma Adjustments
  Real estate investments:
  Building
  $
  76,771
  Site improvements
  20
  Tenant improvements
  10,534
  Total real estate investments acquired
  87,325
  Lease costs
  3,329
  Intangible assets:
  Above-market leases
  7,558
  Lease in place value
  5,950
  Total assets acquired
  $
  104,162
  Liabilities assumed:
  Below market leases
  $
  2,663
  Fair value of interest rate swap
  1,787
  Mortgage notes payable
  42,977
  Total liabilities assumed
  47,427
  Pro forma effect of net assets acquired
  $
  56,735
  The pro forma effect of additional amounts paid by Parkway or received from the seller in connection with the purchase and related financing of these office properties are as follows (in thousands):
  Pro Forma Adjustments
  Rents receivable and other assets:
  Escrows and other deposits
  $
  138
  Capitalized loan costs, net
  24
  $
  162
  Accounts payable and other liabilities:
  Prepaid rent
  $
  258
  Security deposits payable
  39
  $
  297
  See note 2(c) for discussion of notes payable to banks and mortgage notes payable.
  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 NASCAR Plaza 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 NASCAR Plaza 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
  $
  5,760
  Other income
  53
  Above market lease value amortization
  (608
  )
  Income from office and parking properties
  5,205
  Property operating expenses
  2,458
  Depreciation and amortization
  4,338
  Total expenses
  6,796
  Operating loss
  (1,591
  )
  Interest expense
  (3,751
  )
  Loss from continuing operations
  (5,342
  )
  Net loss attributable to noncontrolling interests
  -
  Loss from continuing operations attributable to common stockholders
  $
  (5,342
  )
  F-9
  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
  $
  4,474
  Other income
  44
  Above market lease value amortization
  (456
  )
  Income from office and parking properties
  4,062
  Property operating expenses
  2,022
  Depreciation and amortization
  3,254
  Total expenses
  5,276
  Operating loss
  (1,214
  )
  Interest expense
  (2,159
  )
  Loss from continuing operations
  (3,373
  )
  Net loss attributable to noncontrolling interests
  -
  Loss from continuing operations attributable to common stockholders
  $
  (3,373
  )
  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 NASCAR Plaza acquisition on interest expense related to additional borrowings on the Company's notes payable to banks ($56.6 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 $2.3 million for the year ended December 31, 2011 and $­1.1 million for the nine months ended September 30, 2012.  The pro forma effect on interest expense related to mortgage notes payable ($43.0 million at September 30, 2012 with an effective interest rate of 3.4%) was $1.5 million for the year ended December 31, 2011 and $1.1 million for the nine months ended September 30, 2012.
  2.       No additional income tax expenses were provided because of the Company's net operating loss carryover and status as a REIT.
  F-10