Parkway Properties, Inc. (NYSE:PKY) announced today that it has signed a deal with Google Fiber Inc., a subsidiary of Google Inc. (NASDAQ: GOOG), to bring its Small Business Gigabit Internet service to Parkway customers. Google Fiber will provide these services to many of Parkway’s office buildings in Atlanta, Austin and Charlotte with the potential to bring Google Fiber to the entire Parkway portfolio if Google Fiber expands its service area.
“The implementation of Google Fiber reinforces Parkway’s commitment to offering our customers a state- of-the-art technology platform,” stated Joel Anderson, Parkway’s Vice President and Director of Information Technology. “At almost 100 times faster than the average Internet speed in the United States, Google Fiber should allow our customers to increase productivity and gain a distinct strategic advantage. We believe that a long-term partnership with Google Fiber will differentiate the Parkway portfolio and further our efforts to maximize value of our best-in-class assets.”
"Parkway Properties is offering its customers some of the fastest Internet in the world"
“Parkway Properties is offering its customers some of the fastest Internet in the world,” said Lee Bienstock, Google Fiber’s Head of National Real Estate Partnerships. “With this kind of speed, Parkway and Google Fiber are helping businesses focus on what matters most, whether that means taking advantage of the latest technologies, reducing wait times on the web or providing faster services to customers. We’re looking forward to working with Parkway to bring gigabit Internet to properties across the country.”
About Parkway Properties
Parkway Properties, Inc. is a fully integrated, self-administered and self-managed real estate investment trust specializing in the acquisition, ownership, development and management of quality office properties in higher growth submarkets in the Sunbelt region of the United States. Parkway owns or has an interest in 44 office properties located in seven states with an aggregate of approximately 16.2 million square feet of leasable space at July 1, 2015. Fee-based real estate services are offered through wholly owned subsidiaries of the Company, which in total manage and/or lease approximately 4.2 million square feet for third-party owners at July 1, 2015.
About Google Fiber
Google Fiber is a Gigabit Internet and TV service, including a Small Business offering that provides Internet speeds up to one gigabit per second— almost 100 times faster than the average speeds in America today. Google Fiber is currently available in three US metro areas –Kansas City, Provo and Austin. Google Fiber has recently announced expansion plans in six additional metros, Atlanta, Charlotte, Nashville, Raleigh- Durham, Salt Lake City and San Antonio. To find out if your commercial building is eligible for Google Fiber service for Small Business, visit us at https://fiber.google.com/smallbusiness/.
Forward Looking Statements
Certain statements in this press release that are not in the present or past tense or that discuss the Company's expectations (including any use of the words "anticipate," "assume," "believe," "estimate," "expect," "forecast," "guidance," "intend," "may," "might," "outlook," "plan," "potential," "project," "should," "will" or similar expressions) 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 projections relating to fully diluted EPS, share of depreciation and amortization, gain on sales of real estate, reported FFO per share, recurring FFO per share, nonrecurring items, net operating income, cap rates, internal rates of return, dividend payment rates, FFO accretion, capital improvements, expected sources of financing, the timing of closing of acquisitions, dispositions or other transactions and descriptions relating to these expectations. These forward-looking statements involve risks and uncertainties (some of which are beyond the control of the Company) 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; the actual or perceived impact of U.S. monetary policy; competition in the leasing market; the demand for and market acceptance of the Company's properties for rental purposes; oversupply of office properties in the Company's geographic markets; the amount and growth of the Company's expenses; customer financial difficulties and general economic conditions, including increasing interest rates, as well as economic conditions in the Company's geographic markets; defaults or non-renewal of leases; risks associated with joint venture partners; risks associated with the ownership and development of real property, including risks related to natural disasters; risks associated with property acquisitions; 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 the Company 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 and the ability to successfully integrate businesses compliance with environmental and other regulations, including real estate and zoning laws; the Company's inability to obtain financing; the Company's inability to use net operating loss carry forwards; the Company's failure to maintain its status as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended; 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 financial results could differ materially from those expressed in the Company's forward-looking statements. Any forward-looking statement speaks 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. The Company does not undertake to update forward-looking statements except as may be required by law.