XNYS:PKY Parkway Properties Inc Insider Activity 4 Filing - 2/28/2012

Effective Date 2/28/2012

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FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Heistand James R
  2. Issuer Name and Ticker or Trading Symbol
PARKWAY PROPERTIES INC [PKY]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and CEO
(Last)
(First)
(Middle)
BANK OF AMERICA CENTER, SUITE 2400, 390 NORTH ORANGE AVENUE
3. Date of Earliest Transaction (Month/Day/Year)
02/28/2012
(Street)

ORLANDO, FL 32801
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               244,892.63(1)(2) D  

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
OP Units(3) (4) 02/28/2012   J(5)   819,474     (6)   (7) Common Stock 819,474 (5) 819,474 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Heistand James R
BANK OF AMERICA CENTER, SUITE 2400
390 NORTH ORANGE AVENUE
ORLANDO, FL 32801
  X     President and CEO  

Signatures

 Michael C. Donlon, Attorney-in-Fact for James R. Heistand   03/01/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes an additional 1,090.63 shares acquired by the Reporting Person pursuant to the Company's Employee Stock Purchase Plan on February 29, 2012. This transaction was exempt from Section 16(a) of the Securities Exchange Act pursuant to Rule 16a-3(f)(1)(i)(B).
(2) As of the date hereof, the Reporting Person's direct beneficial ownership includes 67,661 restricted shares granted under the Company's 2011 Employee Inducement Award Plan that have not yet vested.
(3) Represents common units of limited partnership interest ("OP Units") in Parkway Properties LP, the operating partnership of the Issuer (the "Operating Partnership"). The Issuer is the sole shareholder of the general partner of the Operating Partnership.
(4) Holders of OP Units have redemption rights that enable them to cause the Operating Partnership to redeem their OP Units for cash or, at the option of the Issuer, for shares of Common Stock on a one-for-one basis.
(5) The OP Units were issued on February 28, 2012 pursuant to the terms of the Contribution Agreement, as amended, by and among Eola Capital LLC, Eola Office Partners LLC, Banyan Street Office Holdings LLC, and the members that are parties thereto on one hand, and Parkway Properties, Inc. and Parkway Properties LP on the other hand.
(6) All of the OP Units are currently redeemable.
(7) Not applicable.

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XNYS:PKY Parkway Properties Inc Insider Activity 4 Filling

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XNYS:PKY Parkway Properties Inc Insider Activity 4 Filing - 2/28/2012
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