Parkway Properties Overview

February 2014

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Forward-Looking Statements

Certain statements contained in this presentation, including those that express a belief, expectation or intention, as well as those that are not

statements of historical fact, are forward-looking statements within the meaning of the federal securities laws and as such are based upon the

Company’s current beliefs as to the outcome and timing of future events. There can be no assurance that actual future developments affecting

the Company will be those anticipated by the Company. Examples of forward-looking statements include projected capital resources, projected

profitability and portfolio performance, estimates of market rental rates, projected capital improvements, expected sources of financing,

expectations as to the timing of closing of acquisitions, dispositions, or other transactions, the expected operating performance of anticipated

near-term acquisitions and descriptions relating to these expectations, including without limitation, the anticipated net operating income yield.

We caution investors that any forward-looking statements presented in this presentation are based on management’s beliefs and assumptions

made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “expect,” “intend,” “may,” “might,”

“plan,” “estimate,” “project,” “should,” “will,” “result” and similar expressions that do not relate solely to historical matters are intended to identify

forward-looking statements. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking

statements involve risks and uncertainties (some of which are beyond the Company’s control) and are subject to change based upon various

factors, including but not limited to the following risks and uncertainties: changes in the real estate industry and in performance of the financial

markets; competition in the leasing market; the demand for and market acceptance of our properties for rental purposes; the amount and

growth of our expenses; tenant financial difficulties and general economic conditions, including interest rates, as well as economic conditions in

our geographic markets; defaults or non-renewal of leases; risks associated with joint venture partners; the risks associated with the ownership

and development of real property, including risks related to natural disasters; risks associated with property acquisitions, including the recent

acquisition of Thomas Properties Group, Inc.; the failure to acquire or sell properties as and when anticipated; termination or non-renewal of

property management contracts; the bankruptcy or insolvency of companies for which Parkway provides property management services or the

sale of these properties; the outcome of claims and litigation involving or affecting the Company; the ability to satisfy conditions necessary to

close pending transactions; our failure to maintain our status as real estate investment trust, or REIT; and other risks and uncertainties detailed

from time to time in the Company’s SEC filings. Should one or more of these risks or uncertainties occur, or should underlying assumptions

prove incorrect, the Company’s business, financial condition, liquidity, cash flows and results could differ materially from those expressed in

any forward-looking statement. While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance.

Any forward-looking statements speak only as of the date on which it is made. New risks and uncertainties arise over time, and it is not

possible for us to predict the occurrence of those matters or the manner in which they may affect us. We disclaim any obligation to publicly

update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods,

future events or other changes. Accordingly, investors should use caution in relying on past forward-looking statements, which were based on

results and trends at the time they were made, to anticipate future results or trends.

Disclaimer

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This presentation (the "Presentation") is provided for informational purposes and reference only.

By acceptance hereof, you agree that (i) the information contained herein may not be used,

reproduced or distributed to others, in whole or in part, for any other purpose without the prior

written consent of Parkway Properties, Inc. (“Parkway”) and (ii) you will keep confidential all

information contained herein not already in the public domain.

No representation or warranty is given in respect of the information contained herein and Parkway

is under no obligation to (and expressly disclaims any obligation to) update any of the information

provided in this Presentation. Market and industry information throughout the Presentation have

been provided by sources other than Parkway that are believed to be reliable. However, this

information has not been independently verified and no assurances can be given by Parkway

regarding the accuracy or completeness of this information.

This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any

securities and may not be used or relied upon in evaluating the merit of investing in Parkway.

Deerwood North

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Parkway Strategic Objectives

Strategic Objective

Increase cash flow and unlock embedded value within existing portfolio

Realize leasing and operational efficiencies and gain local advantage

Create long-term value for shareholders as the leading owner of high-quality assets in higher growth submarkets

in the Sunbelt

Maintain a conservative balance sheet with sufficient flexibility for growth

Tactics

• Efficiently exit non-core markets

• Reinvest funds over time in quality assets in higher-growth

submarkets

• Pursue primarily wholly owned investments and select joint ventures

when appropriate

• Achieve critical mass in target submarkets

• Maintain highly experienced local leadership

• New asset level ownership plans given new investment strategy

• Customized leasing strategies by submarket

• More judicious prioritization of capital expenditures

• Focus on high-quality, differentiated assets

• Maintain between 5.5x to 6.5x net debt to EBITDA over long term

• Focus on debt composition and maintain quality unencumbered pool

• Use credit facility as short-term financing source

Since the new management team was put in place in the fourth quarter of 2011, Parkway has

executed on its strategic plan

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Track Record of Solid

Achievements

Management Team / TPG

Sponsorship

Enhanced Operational

Results

Fortified Balance Sheet and

Improved Cash Flow

• Management team with proven value creation expertise and strong regional management platform

• TPG, a leading global private investment firm, holds an approximately 22.5% ownership interest in PKY

• Substantial operational improvement throughout 2012 and 2013

– Occupancy increased 540 basis points to 89.3%1 from January 1, 2012 to January 1, 2014

– Weighted average gross rents per NRSF increased 23% from $22.25 (January 1, 2012) to $27.65

(January 1, 2014)

– FAD / FFO ratio significantly improved

– Strong leasing activity, with 2.4 million sq. ft. of leases signed during 2013, representing 17% of the

average portfolio size during the year

• Parkway has maintained a strong and conservative balance sheet as it has continued to grow

• Improved liquidity and access to capital - Parkway has raised $1.0 billion of capital:

– Raised $776 million in private and public equity in 2012, 2013, and 2014

– Closed $125 million and $120 million unsecured term loans

• Amended its credit facility to extend term, increase the size of the accordion and lower fees

• Reduced overall cost of capital by redeeming 8.0% preferred equity

• Improved operating cash flow performance, which resulted in a 150% increase in dividend

Strategy & Portfolio

Transformation

• Portfolio repositioning substantially completed and acquisition pipeline remains healthy

• Exited majority of non-core assets and completed sale of Fund I portfolio

• Purchased or under contract to purchase $3.0 billion of high quality assets since January 2012

• Strategic acquisition of TPGI: ability to execute complex transaction with significant strategic benefits

1. Excludes recently acquired 7000 Central Park in Atlanta, Georgia and the Houston and Austin assets acquired in the merger with Thomas Properties Group, Inc.

• TPG sponsorship provides access to extensive relationships, deep analytical real estate expertise and other

sources of capital

• Relationship with TPG also enhances platform to source attractive investments in core markets

Regional Management Team Executive Management Team

Market Leader Market Industry / Market

Experience (Yrs.)

Shipley Hall Orlando 11/11

Mike Fransen Houston 7 / 7

John Barton Atlanta 18 / 6

Bryan Howell Charlotte 24 / 16

Matt Mooney Phoenix 8 / 8

Victor Hughes Jacksonville 15 / 7

Kyle Burd Tampa 26 / 26

Executive Position Industry Experience

(Yrs.)

James R. Heistand President, CEO &

Director 30

David R. O’Reilly EVP, CFO & CIO 14

M. Jayson Lipsey EVP & COO 11

Jeremy Dorsett EVP & General

Counsel 2

Henry Pratt EVP – Third Party

Services 33

Parkway has an experienced management team and access to additional capital /

expertise through its relationship with TPG

Management Team / TPG

Sponsorship

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Transaction Summary

• Parkway Properties, Inc. (“PKY”) successfully completed its merger with Thomas Properties

Group, Inc. (“TPGI”)

• Announced on September 5, 2013. Completed on December 19, 2013

• 100% stock-for-stock merger

• Each former share of TPGI converted into 0.3822 of a newly issued share of PKY

• Transaction valued at approximately $1.2 billion at announcement

• Corresponds to an implied cap rate on retained office assets of approximately 6.0% 1 at announcement

• Expected to be accretive to 2014 estimated FFO per Share

Management and

Board

• PKY's current executive officers continue as the executive officers of the combined company

• PKY’s Board of Directors expanded from 9 to 10 members

• James A. Thomas has been named Chairman of the Board of Directors of the combined company

Ownership • ~75% continuing PKY stockholders 2

• ~25% former TPGI stockholders 2

Concurrent Asset Sales

• Interests in two office properties (Commerce Square) in Philadelphia, PA sold to Brandywine Realty Trust

for a gross property value of $331.8 million

• Property in Austin, TX (Four Points Centre) and contiguous land parcel sold to Brandywine Realty Trust

for a gross sale price of $47.3 million

• Net proceeds to PKY of approximately $93.5 million

Completed Acquisition of Thomas Properties Group, Inc.

1. Please refer to the Definitions page of this investor presentation for definition of implied cap rate. 2. Based on outstanding shares of common stock and common units.

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Acquired TPGI Properties (Cont’d)

High Quality Office Properties in Desirable Markets

Frost Bank Tower

Austin, TX

One Congress Plaza

Austin, TX

San Jacinto Center

Austin, TX

300 West 6th Street

Austin, TX

One American Center

Austin, TX

San Felipe Plaza

Houston, TX

CityWestPlace

Houston, TX

“Texas Sized” Value Creation

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Parkway’s recent Texas acquisitions are well positioned to make a meaningful impact on Parkway’s long-term value creation:

Tempe Gateway

Tempe Gateway

PKY Core Texas Portfolio

PKY Texas Portfolio Annualized Rental Revenue 1

1. Based upon 100% ownership

2. Represents purchase price at merger close on December 19, 2013.

3. Based upon PKY market assessment and quoted rates as of December 31, 2013..

1

Other Houston Portfolio, 16%

San Felipe Plaza, 14%

CityWestPlace, 21% Phoenix Tower, 8%

Austin JV, 41%

San Felipe Plaza CityWestPlace Phoenix Tower Austin Joint Venture

Square Footage 980,000 1,473,000 629,000 2,422,000

Purchase Price per Square Foot $246 $250 $199 $313

% Occupied 86% 97% 88% 86%

In-Place Gross Rents Above / (Below) Market Rate (13%) (35%) (21%) (11%)3

2

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Significant Portfolio Repositioning

Property Acquisitions and Dispositions (1)

Parkway implemented a meaningful capital recycling plan in 2011, which improved its portfolio

quality and strengthened its balance sheet and financial flexibility

• Exited majority of non-core assets and completed sale of Fund I portfolio

• Purchased or under contract to purchase over $3.0 billion of high-quality assets in targeted Sunbelt markets and

submarkets since January 2011

Note: $ in millions. 1. Represents the gross purchase / sales price only and does not include closing costs or improvements made subsequent to purchase. All acquisitions and dispositions shown at 100% share. Therefore,

1H ‘2013 and 2H’ 2013 exclude the purchases of the remaining 70% interest in four existing Fund II assets. Includes year-to-date acquisitions and dispositions that have been previously disclosed.

$586

$0

$383 $378

$242

$1,321

$75 $162

$326 $354

$50 $3

$101 $28

1H'11 2H'11 1H'12 2H'12 1H'13 2H'13 1H'14

Acquisitions Dispositions

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Geographic Transformation

PKY As of Today

Note: Based on sq. ft. 1. Includes announced year-to-date asset purchases and dispositions

PKY As of January 1, 2011

Phoenix, 8%

Ft. Lauderdale,

1%

Jacksonville, 10%

Orlando, 4%

Tampa, 5%

Miami, 1%

Atlanta, 13%

Charlotte, 10%

Philadelphia, 5%

Austin, 14%

Houston, 26%

Other, 3%

Hampton Road, 2%

Columbia, 4%

Richmond, 5%

Jackson, 9%

Memphis, 10%

Chicago, 23%

Nashville, 4%

Phoenix, 4%

Atlanta, 11% Charlotte, 1%

Ft. Lauderdale, 2%

Jacksonville, 3%

Orlando, 4% Houston, 18%

New Orleans, 0.0%

1

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Portfolio Quality Transformation

Select Recent Acquisitions

Phoenix Tower

Houston, TX

626,000 SF

Bank of America Center

Orlando, FL

421,000 SF

Hearst Tower

Charlotte, NC

973,000 SF

525 North Tryon

Charlotte, NC

405,000 SF

3344 Peachtree

Atlanta, GA

485,000 SF

NASCAR Plaza

Charlotte, NC

394,000 SF

Tower Place 200

Atlanta, GA

258,000 SF

Hayden Ferry Lakeside I

Tempe, AZ

203,000 SF

Hayden Ferry Lakeside II

Tempe, AZ

300,000 SF

Invest In Great Office Real Estate

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Investment strategy focuses on driving long-term value creation, which is achieved with assets that are:

• Strategically differentiated – Invest in irreplaceable

buildings in irreplaceable locations

• CBD and urban infill locations – These submarkets

have consistently outperformed suburban submarkets

• Newer construction – New assets typically provide

more functionally relevant floor plates, lower capital

expenditure requirements, and better energy efficiency

• Value-add opportunities as a complement – Focus

on finding some value-add assets to complement the

balance of the core portfolio

Tempe Gateway

Tempe Gateway CityWestPlace

Achieve Critical Mass in Select Submarkets

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Parkway seeks to achieve scale in select submarkets, enabling the Company to:

• Leverage pricing power in lease and vendor

negotiations

• Hire and retain superior market leadership and

maintain the best leasing teams

• Enhance ability to identify and capitalize on

emerging investment opportunities and identify

challenges

• Create flexibility to meet changing tenant

demands

Hayden Ferry

Hayden Ferry Lakeside Development

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Hayden Ferry III is expected to be a 261,000 sq foot Class A+ office tower that will represent the final phase of Parkway’s 780,000 sq foot master planned office community

*Hayden Ferry R2 includes a 21K sq ft retail complex and a 2,500 space structured parking garage

40.00%

50.00%

60.00%

70.00%

80.00%

90.00%

100.00%

Hayden Ferry I Hayden Ferry II Hayden Ferry R2 Tempe Gateway US Airways

February 2012: HF II

acquired at 92.0%

occupancy

August 2012: HF R2*

acquired at 38.1%

occupancy

December 2012:

Tempe Gateway

acquired at 77.0%

occupancy

HF II is currently

89.5% occupied

and 100% leased

HF I is currently

94.9% occupied

HF R2 is currently

90.5% occupied

Tempe Gateway is

currently 93.0%

occupied

June 2011: HF I

acquired at 50.9%

occupancy

US Airways is

currently 100.0%

occupied

June 2013: US

Airways acquired at

100.0% occupancy

Hayden Ferry Lakeside Development

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Since Parkway’s initial investment into the Tempe submarket in June of 2011, Class A office fundamentals have witnessed a healthy recovery from post recessions lows

$20.00

$22.50

$25.00

$27.50

$30.00

$32.50

$35.00

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

100.0%

Tempe Class A Office - Historical Occupancy vs Rental Rates

% Occupancy AVERAGE RENTAL RATE ($)

96.2%

$30.68

$27.49

90.8%

79.7%

$28.16

Source: CBRE, Q4 2013

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Enhancing Property Operations: Selected Recent Acquisitions

Tempe Gateway

Phoenix, AZ

Phoenix Tower

Houston, TX

NASCAR Plaza

Charlotte, NC

Deerwood

Jacksonville, FL

Westshore

Corporate Center

Tampa, FL

Tower Place 200

Atlanta, GA

1. Change based on percent leased at December 31, 2013 versus percent occupied at acquisition. 2. Based on Company estimates of weighted average market rent for net rentable square feet (NRSF) from time of acquisition to December 31, 2013.

% Change

in Est.

Date % Occupied at: % Leased at: Market Rent

Market Acquired Acquisition 12/31/2013 Change 12/31/2013 Change 1 per NRSF 2

NASCAR Plaza Charlotte 12/31/12 87.5% 88.0% +44bps 88.0% +44bps +0.0%

Deerwood South Jacksonville 3/7/13 94.0% 92.5% (153bps ) 94.9% +87bps +0.0%

Deerwood North Jacksonville 3/7/13 93.3% 95.7% +236bps 95.7% +236bps +2.6%

Westshore Corporate Center Tampa 11/15/12 77.7% 80.3% +263bps 80.3% +263bps +5.0%

Phoenix Tower Houston 12/20/12 83.6% 87.5% +389bps 87.5% +389bps +11.1%

Tower Place 200 Atlanta 1/17/13 82.7% 89.6% +690bps 91.9% +920bps +7.7%

Tempe Gateway Phoenix 12/21/12 77.0% 93.0% +1604bps 93.0% +1604bps +5.5%

Average 85.1% 89.5% +439bps 90.2% +506bps +4.5%

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Operational Performance

Objective: Increase cash flow and unlock embedded value within the portfolio

Portfolio Leased

NOI Margin (Total Portfolio) Average In-Place Rents

1. 4Q’13 occupancy includes recently acquired 7000 Central Park in Atlanta, Georgia and the Houston and Austin assets acquired in the merger with Thomas Properties Group, Inc. Excluding those assets,

the portfolio leased percentage at year-end was 90.9%.

2. 3Q’13 retention was impacted by management’s decision to grant early termination to two major tenants, representing approximately 1% of the portfolio. Excluding the two move-outs, 3Q’13 customer

retention was 75.2%.

Customer Retention

85.7%

87.6%

89.4% 90.4%

89.3% 89.7% 90.6%

91.1% 90.2%

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

47.1% 46.8%

63.2%

76.0%

68.9%

78.2% 84.7%

59.4%

76.7%

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

59.0%

60.0%

60.8%

61.4% 61.3% 62.2%

60.5%

60.9%

61.5%

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

1 2

$22.25

$22.94

$23.81

$23.96

$24.15

$24.05 $24.13

$24.38

$27.65

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

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Committed to Conservative Balance Sheet Strategy

Objective: Maintain a conservative balance sheet with sufficient flexibility for growth

1. 4Q 2013 Adjusted EBITDA reflects the implied annualized impact of any acquisition or disposition activity for the period, the annualized impact of the loan to TPGI, and realignment expenses associated with closing the Jackson, MS office.

2. Figure in $ millions, based on balloon payment schedule at PKY share

Fixed Charge Coverage Net Debt / Adjusted EBITDA1

1.8x 2.0x 2.0x

2.3x 2.2x

2.5x

3.1x

2.8x

3.2x

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

6.2x

4.7x 4.6x 4.5x

5.3x

4.8x

6.2x 6.6x 6.6x

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Debt Maturity Schedule

$14

$245

$31

$134 $54

$245

$58

$125 $120

$26

$18

$25

$12

$209

$0

$100

$200

$300

$400

$500

2014 2015 2016 2017 2018 2019 Thereafter

Secured (Wholly-Owned) Revolving Credit Facility Term Loan Secured (JV) Unconsolidated (JV)

$245

$79

$272

$447

$257

Total Debt (At Share):

$1,315mm

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Highlights

1. Based off of 100% of gross value for the acquisitions and includes purchases of the remaining 70% interest in four existing Fund II assets.

• Unique, sizeable and scalable platform

• High quality properties in CBD, urban in-fill and targeted suburban markets in the

Sunbelt region

• Significant presence in markets (e.g. Houston, Charlotte, Atlanta, Jacksonville and

Tampa) with strong employment bases, above average job growth, talented and

educated workforce and increasing populations

• Ability to capitalize on unique acquisition opportunities

• $1.2 billion strategic acquisition of Thomas Properties Group

• Closed on $581 million of additional property acquisitions in 2013 1

• Demonstrated track record

• Ability to transform portfolio and create value through active recycling of assets

• Demonstrated enhancement to portfolio operations through active management

• Ability to increase cash flow and unlock embedded value within existing portfolio

• Demonstrated ability to acquire under-leased assets at attractive purchase prices

and increase occupancy over time

• Sector-leading total returns in 2013

• Conservative balance sheet strategy

• Focus on maintaining conservative leverage levels and a flexible balance sheet