Parkway Properties, Inc.
), a real estate investment trust (REIT), recently increased its
quarterly dividend by 50% to 11.25 cents per share or 45 cents on
an annualized basis.The dividend is payable on September 26, 2012
to shareholders of record on September 12.
The company has been paying uninterrupted dividends to its
shareholders. The current dividend represents the 104th consecutive
quarterly payout by Parkway.
A steady dividend payout facilitates the long term strategy of
Parkway to provide risk- adjusted returns to its shareholders.
Solid dividend payouts are arguably the best enticement for REIT
investors as U.S. law requires REITs to distribute 90% of their
annual taxable income in the form of dividend to shareholders.
Earlier, in the second quarter 2012, Parkway declared a cash
dividend of 7.5 cents per share or 30 cents on an annualized basis.
The dividend was paid on June 27, 2012 and represented a payout of
approximately 20.0% of recurring FFO for the quarter.
Parkway owns office properties in the high growth submarkets in
the Sunbelt region of the United States. As of August 8, 2012, the
company had interest in 39 office properties located in nine
states, with an aggregate of approximately 10.3 million square feet
of leasable space. The primary focus of the company is to
aggressively lease its current portfolio while pursuing high
quality assets and target investments that will generate durable
Parkway currently retains a Zacks #3 Rank, which translates into
a short-term Hold rating. We have a long-term Neutral
recommendation on the stock. One of its competitors,
Brandywine Realty Trust
) also holds a Zacks# 3 Rank.
BRANDYWINE RT (BDN): Free Stock Analysis Report
PARKWAY PPTY (PKY): Free Stock Analysis Report
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