April 28, 2016Parkway Properties Inc • May 5th, 2016 • Real estate investment trusts • Delaware
As you know, we are considering entering into a potential Merger Agreement involving Parkway Properties, Inc. (“PKY”) and Parkway Properties, L.P. (“PKY LP”) which would result in a merger with Cousins Properties Incorporated (“Cousins”) (“Merger”). As part of the Merger transaction, the Houston assets owned by PKY LP would be combined with other Houston properties owned by Cousins in a new UPREIT structure in which PKY LP will be the operating partnership for a newly formed Cousins (“Houston Co”), the stock of which would be distributed to the shareholders of the combined PKY and Cousins. Non-Houston assets owned by PKY LP (“Cousins”) currently are contemplated to be combined with non-Houston assets of Cousins in a new UPREIT structure (“CousinsCousins LP”) for which Cousins would be the parent (referred to as “CousinsCousins REIT”).
