The company announced on Feb. 8, through an 8K filing, thatformer CFO and executive vice president J. Mitchell Collins wasfired, effective Feb. 5, and Mandy M. Pope promoted to interim CFO.Company president and CEO Steven G. Rogers declined to say muchabout the termination, only to say that Collins was not undercontract, there was no "just cause" for the firing and noaccounting irregularities connected with Collins, and that Parkwaywished Collins the best for the future. Rogers also assuredanalysts that internal financial controls were still strong.

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Rogers had a great deal more to say about slicing the dividendby two-and-a-half cents, however. He explained that ParkwayProperties is working on improving the balance sheet to meetcapital structure goals in 2009 and to provide additional capitalfor Texas Fund II, so the fund can take advantages ofopportunities. "We look for 2010 to be a pivotal time for thecompany," Rogers noted.

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Rogers observed that quality property, particularly officeassets, is starting to make its way to the marketplace, and ParkwayProperties has been out in the playing field, making offers. "In2009, we weren't going to buy anything; we wanted to let the marketsettle out," he remarked. He predicted that Parkway Propertieswould start acquiring during the second part of 2010, thoughacknowledged that nothing was currently under LOI or contract.

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In trying to find likely assets to acquire, he continued,Parkway Properties is going through a two-pronged approach; withthe first prong involving the brokerage/listing process. Then thereis the second prong, what Rogers termed "outbound work," in whichParkway Properties goes directly to sellers that have not listedthe assets.

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"There's the action that doesn't get reported in the Wall StreetJournal or trade publications," Rogers explained. "That's where theprivate companies are coming out, the CMBS is getting a littlemessy, people are going public but have too much debt. This iswhere we're spending a lot of our time, looking for assets."

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