-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CzwzrpOWzfIEt/lMGL5zAHaJZ34lXmaHWyXnlCNvINlFVrLiawYIshR3t9T9fNdr DTYANiy8c5R6/Fw7ixRF6w== /in/edgar/work/0000950144-00-014033/0000950144-00-014033.txt : 20001116 0000950144-00-014033.hdr.sgml : 20001116 ACCESSION NUMBER: 0000950144-00-014033 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20001113 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20001115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KOGER EQUITY INC CENTRAL INDEX KEY: 0000835664 STANDARD INDUSTRIAL CLASSIFICATION: [6798 ] IRS NUMBER: 592898045 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 001-09997 FILM NUMBER: 769777 BUSINESS ADDRESS: STREET 1: 8880 FREEDOM CROSSING TRAIL CITY: JACKSONVILLE STATE: FL ZIP: 32256 BUSINESS PHONE: 9047321000 MAIL ADDRESS: STREET 1: 8880 FREEDOM CROSSING TRAIL CITY: JACKSONVILLE STATE: FL ZIP: 32256 8-K 1 g65517e8-k.txt KOGER EQUITY, INC. 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): NOVEMBER 13, 2000 ------------------ KOGER EQUITY, INC. - ------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) FLORIDA - ------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) 1-9997 59-2898045 - ------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification No.) 8880 FREEDOM CROSSING TRAIL JACKSONVILLE, FLORIDA 32256 - ------------------------------------------------------------------------------- (Address of Principal Executive Offices) (Zip Code) (904) 732-1000 - ------------------------------------------------------------------------------- (Registrant's Telephone Number, Including Area Code) NA - ------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Reports) 2 ITEM 5. OTHER EVENTS. On November 13, 2000, Koger Equity, Inc. reported on its financial results and other activities for its fiscal quarter ended September 30, 2000. On November 14, 2000, Koger Equity, Inc. announced that during the fourth quarter of 2000, the final stage of a previously announced restructuring involving staff reductions, there would be an additional one-time charge of $2.6 million, which charge will reduce the Company's Funds From Operations by $2.2 million or $0.08 per share. For further information concerning these matters, see the Company's news releases, dated November 13, 2000, and November 14, 2000, which are Exhibits 99(a) and 99(b), respectively, to this Report and are incorporated herein by reference. For more information on Koger Equity, Inc., contact the company at 904-732-1000 or visit its Web site at www.koger.com. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (C) EXHIBITS
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT ------ ---------------------- 99(a) Koger Equity, Inc. News Release, dated November 13, 2000. 99(b) Koger Equity, Inc. News Release, dated November 14, 2000.
2 3 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. KOGER EQUITY, INC. Dated: November 14, 2000 By: /s/ Robert E. Onisko ------------------------------- Robert E. Onisko Title: Chief Financial Officer 3 4 EXHIBIT INDEX The following designated exhibits are filed herewith:
EXHIBIT NUMBER DESCRIPTION OF EXHIBIT ------ ---------------------- 99(a) Koger Equity, Inc. News Release, dated November 13, 2000. 99(b) Koger Equity, Inc. News Release, dated November 14, 2000.
4 EX-99.(A) 2 g65517ex99-a.txt KOGER EQUITY, INC. NEWS RELEASE 1 EXHIBIT 99(a) [KOGER LETTERHEAD] KOGER EQUITY, INC. 8880 Freedom Crossing Trail Jacksonville, Florida 32256 Main Telephone # 904 - 732-1000 Fax (904) 538-8879 NEWS KOGER EQUITY REPORTS THIRD QUARTER RESULTS JACKSONVILLE, FLORIDA--NOVEMBER 13, 2000--Koger Equity, Inc. (the "Company") (NYSE:KE) today reported results for the quarter ended September 30, 2000. Thomas J. Crocker, Chief Executive Officer of the Company, said, "Funds from Operations ("FFO") for the third quarter were $0.58 per share, an increase of approximately 2% from the third quarter of 1999. FFO for the nine months was $1.43 per share, a decrease of 17% from the corresponding period in 1999. The first half of 2000 included one-time charges for severance and other costs of $0.38 per share. Before these charges, FFO would have been $1.81 per share, approximately a 5% increase from the nine month period in 1999." FINANCIAL HIGHLIGHTS - - Total rental and other rental services revenues increased $1.6 million (up 4.1%) for the quarter ended September 30, 2000, compared to the same period last year. For the nine months ended September 30, 2000, rental and other rental services revenues increased $7.9 million (up 6.8%) compared to the same period last year. - - In the quarter ended September 30, 2000, net income decreased $2.2 million (down 19%) compared to the same period last year. This decrease was due primarily to the reduction in gain on sale or disposition of assets. For the nine months ended September 30, 2000, net income decreased $7.9 million (down 27.7%) compared to the same period in 1999. Excluding one-time charges, net income would have increased by $3.5 million over the first nine months of 1999. - - Funds from operations ("FFO") increased $59,000 for the quarter ended September 30, 2000, compared to September 30, 1999. For the nine months ended September 30, 2000, FFO decreased $8.3 million compared to the same period in 1999. Excluding one-time charges, FFO would have increased $2.4 million (4.9%). 2 FINANCIAL HIGHLIGHTS (continued) - - On a per diluted share/unit basis, FFO increased 1.8%, to $0.58 in the third quarter 2000, from $0.57 for the third quarter of 1999. For the nine months ended September 30, 2000, FFO per diluted share/unit decreased 17.3% to $1.43 from $1.73 for the same period in 1999. Excluding one-time charges, FFO per diluted share/unit would have been $1.81 (up 4.6%). - - At September 30, 2000, the debt-to-total-market capitalization ratio of the Company was approximately 42%. - - During the third quarter, the Company's Board of Directors declared a dividend of $0.35 per share. - - During the first nine months, the company repurchased 1,209,980 shares of its common stock. LEASING ACTIVITY - - Significant leasing activity for the third quarter included: - 48,900 feet with State of Florida - Department of Insurance in Tallahassee, Florida. - - The average rental rate on new leases signed during the first nine months was $20.58 per usable square foot and the weighted average term of these leases was 77 months. - - The Company's average rental rate on its entire portfolio increased by 6.3% to $17.87, from $16.81 per square foot at September 30, 1999. DEVELOPMENT ACTIVITY - - At September 30, 2000, two buildings containing approximately 181,000 feet in two markets were under construction and were 35% pre-leased. Currently, Koger Equity owns 20 suburban office parks and four freestanding buildings, containing 11.4 million feet, located in 13 cities in the Southeast and Southwest. The properties owned on September 30, 2000, including acquisitions and new development, were 90% leased. Excluding the four buildings which were in the lease-up period at September 30, 2000, the remainder of the Company's buildings were on average 92% leased. 3 For more information about Koger Equity, Inc., please visit our website at www.koger.com. You may also obtain a copy of the Company's third quarter 2000 Supplemental Information by contacting Investor Relations, at 904/732-1000, or on our website. The foregoing message contains forward-looking statements concerning 2000. The actual results of operations for 2000 could differ materially from those projected because of factors affecting the financial markets, reactions of the Company's existing and prospective investors, the ability of the Company to identify and execute development projects and acquisition opportunities, the ability of the Company to renew and enter into new leases on favorable terms, and other risk factors. See "Management's Discussion and Analysis of Financial Condition and Results of Operations--Cautionary Statement Relevant to Forward-Looking Information for Purpose of the `Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995" in the Company's Annual Report on Form 10-K/A for the Fiscal Year Ended December 31, 1999. 4 KOGER EQUITY, INC. Selected Income Information (In Thousands except per Share Data)
For the For the Three Months Ended Nine Months Ended -------------------- ------------------------ 9/30/00 9/30/99 9/30/00 9/30/99 ------- ------- -------- -------- Rental and other rental services revenues $40,750 $39,157 $124,287 $116,340 Total revenues 41,774 40,458 126,372 119,276 Property operations expense 16,267 16,272 47,964 46,240 Depreciation and amortization expense 8,760 8,445 25,886 23,734 Mortgage and loan interest expense 6,882 5,301 20,559 16,313 General and administrative expense 2,001 2,192 16,088 6,246 Gain on sale or disposition of assets 2,033 3,861 6,437 3,865 Net income $ 9,346 $11,538 $ 20,541 $ 28,412 Earnings per share: Basic $ 0.35 $ 0.43 $ 0.77 $ 1.07 Diluted $ 0.35 $ 0.43 $ 0.76 $ 1.05 Weighted average shares: Basic 26,710 26,725 26,707 26,664 Diluted 26,920 27,101 26,991 27,003 Funds from operations: Net income $ 9,346 $11,538 $ 20,541 $ 28,412 Depreciation - real estate 7,889 7,204 23,348 21,007 Amortization - deferred tenant costs 500 874 1,431 1,702 Amortization - goodwill 43 42 128 127 Minority interest 361 250 992 926 Gain on sale or disposition: Operating properties (1,709) (3,861) (6,385) (3,861) Non-operating assets (324) -- (52) (4) ------- ------- -------- -------- Funds from operations $16,106 $16,047 $ 40,003 $ 48,309 ======= ======= ======== ======== Weighted average shares/units outstanding - diluted 27,920 28,101 27,991 28,003 Funds from operations, per diluted share/unit $ 0.58 $ 0.57 $ 1.43 $ 1.73
### EX-99.(B) 3 g65517ex99-b.txt KOGER EQUITY, INC. NEWS RELEASE 1 EXHIBIT 99(b) [KOGER LETTERHEAD] KOGER EQUITY, INC. 8880 Freedom Crossing Trail Jacksonville, Florida 32256-8280 Main Telephone # (904) 732-1000 NEWS Koger Equity Announces 4th Quarter Charge JACKSONVILLE, Florida--November 14, 2000--Koger Equity, Inc. (NYSE:KE) today announced that during the fourth quarter of 2000, the final stage of the previously disclosed restructuring will result in an additional one-time charge of $2.6 million. The impact to the Company's Funds From Operations ("FFO") will be $2.2 million or $0.08 per diluted share/unit. The previous cost estimate announced on June 16, 2000 of $1.6 million did not include employee reductions at the Company's properties or $0.4 million of additional write-off of fixed assets in the Company's Jacksonville executive offices. The reorganization of the Company's property operations will reduce staff by 9 positions. The Company projects that when fully implemented, the reorganization which has taken place during the year will result in annual savings of approximately $2 million. The annual savings to the Company's FFO will be approximately $1.5 million or $0.05 per share/unit. Koger Equity specializes in developing, owning and operating state-of-the-art suburban office parks under the "Koger Center" brand name. The Company owns 20 suburban office parks and four office buildings. For more information on Koger Equity (NYSE:KE), contact the Company at 904-732-1000, or visit its Web site at www.koger.com. The foregoing message contains forward-looking statements. The actual results of operations could differ materially from those projected because of factors affecting the financial markets, reactions of the Company's existing and prospective investors, the ability of the Company to implement the management reorganization, acceptance of the management reorganization by the Company's employees, contractors, tenants and others, the ability of the Company to identify and execute development projects and acquisition opportunities, the ability of the Company to renew and enter into new leases on favorable terms, and other risk factors. See "Management's Discussion and Analysis of Financial Condition and Results of Operations--Cautionary Statement Relevant to Forward-Looking Information for Purpose of the 'Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995" in the Company's Annual Report on Form 10-K/A for the Fiscal Year Ended December 31, 1999. - --30--jd/mi* CONTACT: Smith & Knibbs, Deerfield Beach, Fla. Andrea Knibbs, 954/428-4477 KEYWORD: FLORIDA INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION -----END PRIVACY-ENHANCED MESSAGE-----