EX-99 4 a4179133-supp99.txt EXHIBIT 99 - SUPPLEMENTAL INFORMATION Koger Equity, Inc. Exhibit 99 Supplemental Information March 31, 2002 Koger Equity, Inc. Supplemental Information Table of Contents March 31, 2002 Schedule Page --------------------------------------------------------- ------------------- Consolidated Balance Sheets 2, 3 Consolidated Statement of Operations 4, 5 Funds from Operations 6, 7 Net Operating Income 8, 9 Summary of Outstanding Debt 10 Operating Property Acquisitions 11 Building Completions 12 Buildings Under Construction 13 Twenty-Five Largest Tenants 14 Regional Summary of MSAs 15 Occupancy Summary 16 Lease Distribution 17 Lease Expirations 18 Net Effective Rents 19, 20 Same Suite Analysis 21 Page 1
KOGER EQUITY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS Dollars in thousands --------------------------------------------------------------------------------------------------------------------- (Unaudited) (Unaudited) (Unaudited) (Unaudited) 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01 ---------- ----------- ---------- ----------- ---------- ASSETS Real Estate Investments: Operating properties: Land $110,084 $91,919 $140,448 $140,342 $139,579 Buildings 670,895 568,285 831,406 827,844 819,065 Furniture and equipment 2,933 3,082 3,228 3,208 3,158 Accumulated depreciation (129,617) (123,999) (180,983) (172,473) (164,296) ---------- ----------- ---------- ----------- ---------- Operating properties - net 654,295 539,287 794,099 798,921 797,506 Properties under construction: Land 0 0 0 0 762 Buildings 0 0 0 351 4,213 Undeveloped land held for investment 13,779 13,779 13,899 13,899 13,899 Undeveloped land held for sale 76 76 76 76 76 Cash and temporary investments 16,461 113,370 9,140 8,537 5,334 Accounts receivable, net 10,441 11,574 12,338 13,240 13,592 Cost in excess of fair value of net assets acquired, net 595 595 1,232 1,275 1,318 Other assets 11,722 11,904 13,997 13,142 13,173 ---------- ----------- ---------- ----------- ---------- TOTAL ASSETS $707,369 $690,585 $844,781 $849,441 $849,873 ========== =========== ========== =========== ========== LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages and loan payable $327,415 $248,683 $337,879 $342,004 $344,107 Accounts payable 2,046 4,962 3,090 2,771 2,897 Accrued real estate taxes payable 3,273 1,007 9,491 8,234 5,539 Accrued liabilities - other 8,607 9,206 8,969 9,417 9,609 Dividends payable 7,433 44,159 9,381 9,385 9,381 Advance rents and security deposits 4,876 5,103 6,489 6,967 7,203 ---------- ----------- ---------- ----------- ---------- Total Liabilities 353,650 313,120 375,299 378,778 378,736 ---------- ----------- ---------- ----------- ---------- Minority interest 0 22,923 23,132 23,124 23,190 ---------- ----------- ---------- ----------- ---------- Shareholders' Equity: Common stock 298 297 296 296 296 Capital in excess of par value 471,205 469,779 469,010 468,715 468,485 Notes receivable from stock sales (5,066) (5,066) (5,066) (5,457) (5,459) Retained earnings 18,898 21,180 17,460 18,836 19,507 Treasury stock, at cost (131,616) (131,648) (35,350) (34,851) (34,882) ---------- ----------- ---------- ----------- ---------- Total Shareholders' Equity 353,719 354,542 446,350 447,539 447,947 ---------- ----------- ---------- ----------- ---------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $707,369 $690,585 $844,781 $849,441 $849,873 ========== =========== ========== =========== ==========
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KOGER EQUITY, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS Dollars in thousands ----------------------------------------------------------------------------------------------------------------------------------- 12/31/01 12/31/00 12/31/99 12/31/98 12/31/97 ------------ ------------- ------------ ------------- ------------ ASSETS Real Estate Investments: Operating properties: Land $91,919 $138,214 $140,061 $137,047 $111,697 Buildings 568,285 805,935 784,769 731,558 567,332 Furniture and equipment 3,082 2,631 2,693 3,578 2,220 Accumulated depreciation (123,999) (155,817) (137,452) (129,682) (104,700) ------------ ------------- ------------ ------------- ------------ Operating properties - net 539,287 790,963 790,071 742,501 576,549 Properties under construction: Land 0 2,128 8,347 11,318 8,978 Buildings 0 12,023 41,912 31,562 18,608 Undeveloped land held for investment 13,779 13,899 16,034 19,272 13,249 Undeveloped land held for sale 76 76 1,103 1,263 1,512 Cash and temporary investments 113,370 1,615 0 4,827 16,955 Accounts receivable, net 11,574 13,232 10,512 6,158 5,646 Investment in Koger Realty Services, Inc. 0 2,533 2,319 1,661 472 Cost in excess of fair value of net assets acquired, net 595 1,360 1,530 1,700 1,870 Other assets 11,904 13,193 13,911 14,733 12,258 ------------ ------------- ------------ ------------- ------------ TOTAL ASSETS $690,585 $851,022 $885,739 $834,995 $656,097 ============ ============= ============ ============= ============ LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Mortgages and loans payable $248,683 $343,287 $351,528 $307,903 $181,963 Accounts payable 4,962 4,961 12,716 12,139 8,802 Accrued real estate taxes payable 1,007 4,175 1,383 4,407 3,294 Accrued liabilities - other 9,206 10,562 13,162 9,288 6,623 Dividends payable 44,159 9,392 9,370 7,971 6,352 Advance rents and security deposits 5,103 7,014 6,570 5,432 4,801 ------------ ------------- ------------ ------------- ------------ Total Liabilities 313,120 379,391 394,729 347,140 211,835 ------------ ------------- ------------ ------------- ------------ Minority interest 22,923 23,138 23,184 23,092 0 ------------ ------------- ------------ ------------- ------------ Shareholders' Equity: Common stock 297 296 288 286 284 Capital in excess of par value 469,779 468,277 457,945 454,988 441,451 Notes receivable from stock sales (5,066) (6,250) 0 0 0 Retained earnings 21,180 20,261 30,546 30,020 30,947 Treasury stock, at cost (131,648) (34,091) (20,953) (20,531) (28,420) ------------ ------------- ------------ ------------- ------------ Total Shareholders' Equity 354,542 448,493 467,826 464,763 444,262 ------------ ------------- ------------ ------------- ------------ TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $690,585 $851,022 $885,739 $834,995 $656,097 ============ ============= ============ ============= ============
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KOGER EQUITY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) In thousands, except per share data ----------------------------------------------------------------------------------------------------------------------------- Three Months Ended -------------------------------------------------------------------- 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01 ------------ ------------ ------------ ------------ ------------ REVENUES Rental and other rental services $ 30,596 $ 40,161 $ 42,243 $ 41,628 $ 41,591 Management fees 787 550 1,074 1,362 1,094 Interest 145 180 154 195 247 Other 3 0 0 0 81 ------------ ------------ ------------ ------------ ------------ Total revenues 31,531 40,891 43,471 43,185 43,013 ------------ ------------ ------------ ------------ ------------ EXPENSES Property operations 10,459 14,859 15,591 15,766 15,392 Depreciation and amortization 6,522 7,945 9,617 8,816 8,721 Mortgage and loan interest 5,795 6,053 6,543 6,654 6,862 General and administrative 2,510 2,264 2,276 1,833 2,039 Direct cost of management fees 1,010 720 798 945 915 Other 33 18 60 59 52 ------------ ------------ ------------ ------------ ------------ Total expenses 26,329 31,859 34,885 34,073 33,981 ------------ ------------ ------------ ------------ ------------ INCOME BEFORE GAIN (LOSS) ON SALE OR DISPOSITION OF ASSETS 5,202 9,032 8,586 9,112 9,032 Gain (loss) on sale or disposition of assets 1 39,189 0 3 (3) ------------ ------------ ------------ ------------ ------------ INCOME BEFORE INCOME TAXES 5,203 48,221 8,586 9,115 9,029 Income taxes 32 235 257 152 40 ------------ ------------ ------------ ------------ ------------ INCOME BEFORE MINORITY INTEREST 5,171 47,986 8,329 8,963 8,989 Minority interest 20 107 323 250 364 ------------ ------------ ------------ ------------ ------------ NET INCOME $ 5,151 $ 47,879 $ 8,006 $ 8,713 $ 8,625 ============ ============ ============ ============ ============ EARNINGS PER SHARE - Diluted $ 0.24 $ 1.86 $ 0.30 $ 0.32 $ 0.32 ============ ============ ============ ============ ============ WEIGHTED AVERAGE SHARES - Diluted 21,283 25,785 26,912 26,869 26,883 ============ ============ ============ ============ ============ OPERATING MARGIN 65.8% 63.0% 63.1% 62.1% 63.0% ============ ============ ============ ============ ============
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KOGER EQUITY, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) In thousands, except per share data ----------------------------------------------------------------------------------------------------------------------------------- 2001 2000 1999 1998 1997 -------------- ------------- ------------- ------------- ------------- REVENUES Rental and other rental services $165,623 $164,733 $156,153 $133,663 $109,501 Management fees 4,080 1,793 2,384 2,277 2,637 Interest 776 703 457 446 1,274 Income from Koger Realty Services, Inc. 81 645 1,099 1,696 577 -------------- ------------- ------------- ------------- ------------- Total revenues 170,560 167,874 160,093 138,082 113,989 -------------- ------------- ------------- ------------- ------------- EXPENSES Property operations 61,608 61,868 60,582 53,719 44,453 Depreciation and amortization 35,099 35,133 32,314 28,381 24,073 Mortgage and loan interest 26,112 27,268 21,893 16,616 16,517 General and administrative 8,412 20,217 8,633 6,953 6,374 Direct cost of management fees 3,378 898 1,432 1,368 1,896 Other 189 217 1,143 383 413 Recovery of loss on land held for sale 0 0 0 0 (379) -------------- ------------- ------------- ------------- ------------- Total expenses 134,798 145,601 125,997 107,420 93,347 -------------- ------------- ------------- ------------- ------------- INCOME BEFORE GAIN ON SALE OR DISPOSITION OF ASSETS 35,762 22,273 34,096 30,662 20,642 Gain on sale or disposition of assets 39,189 6,015 3,851 35 1,955 -------------- ------------- ------------- ------------- ------------- INCOME BEFORE INCOME TAXES 74,951 28,288 37,947 30,697 22,597 Income taxes 684 (21) 187 956 935 -------------- ------------- ------------- ------------- ------------- INCOME BEFORE MINORITY INTEREST 74,267 28,309 37,760 29,741 21,662 Minority interest 1,044 1,156 1,174 139 0 -------------- ------------- ------------- ------------- ------------- INCOME BEFORE EXTRAORDINARY ITEM 73,223 27,153 36,586 29,602 21,662 Extraordinary loss on early retirement of debt 0 0 0 0 458 -------------- ------------- ------------- ------------- ------------- NET INCOME $73,223 $27,153 $36,586 $29,602 $21,204 ============== ============= ============= ============= ============= EARNINGS PER SHARE - Diluted $ 2.75 $ 1.01 $ 1.35 $ 1.10 $ 0.94 ============== ============= ============= ============= ============= WEIGHTED AVERAGE SHARES - Diluted 26,610 26,962 27,019 26,901 22,495 ============== ============= ============= ============= ============= OPERATING MARGIN 62.8% 62.4% 61.2% 59.8% 59.4% ============== ============= ============= ============= =============
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KOGER EQUITY, INC. AND SUBSIDIARIES FUNDS FROM OPERATIONS (Unaudited) In thousands, except per share data -------------------------------------------------------------------------------------------------------------------------- Three Months Ended --------------------------------------------------------------------- 3/31/02 12/31/01 9/30/01 6/30/01 3/31/01 ------------ ------------ ------------ ----------- ------------ Funds from Operations: Net income $ 5,151 $ 47,879 $ 8,006 $ 8,713 $ 8,625 Depreciation - real estate 6,042 7,270 8,849 8,097 8,045 Amortization - deferred tenant costs 364 514 597 552 509 Amortization - goodwill 0 42 43 43 42 Minority interest 20 107 323 250 364 Loss (gain) on sale of operating properties (1) (39,189) 0 0 0 Loss (gain) on sale of non-operating assets 0 0 0 (3) 3 ------------ ------------ ------------ ----------- ------------ Funds from Operations 11,576 16,623 17,818 17,652 17,588 Cash Available for Distribution: Add (Deduct): Rental income from straight-line rents (460) (338) (374) (491) (267) Amortization of deferred financing costs 289 228 227 227 226 Building improvements (965) (1,032) (867) (876) (274) 2nd generation tenant improvements (906) (1,625) (1,748) (1,725) (1,506) 2nd generation leasing commissions (88) (614) (278) (310) (187) ------------ ------------ ------------ ----------- ------------ Cash Available for Distribution $ 9,446 $ 13,242 $ 14,778 $ 14,477 $ 15,580 ============ ============ ============ =========== ============ Weighted average common shares/units outstanding - diluted 21,350 26,785 27,912 27,869 27,883 ============ ============ ============ =========== ============ Per share/unit - diluted: Funds from operations $ 0.54 $ 0.62 $ 0.64 $ 0.63 $ 0.63 ============ ============ ============ =========== ============ Cash available for distribution $ 0.44 $ 0.49 $ 0.53 $ 0.52 $ 0.56 ============ ============ ============ =========== ============ Dividends paid $ 0.35 $ 0.35 $ 0.35 $ 0.35 $ 0.35 ============ ============ ============ =========== ============ Dividend payout ratio: Funds from operations 64.6% 56.5% 54.7% 55.6% 55.6% ============ ============ ============ =========== ============ Cash available for distribution 79.1% 71.4% 66.0% 67.3% 62.5% ============ ============ ============ =========== ============
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KOGER EQUITY, INC. AND SUBSIDIARIES FUNDS FROM OPERATIONS (Unaudited) In thousands, except per share data --------------------------------------------------------------------------------------------------------------------------------- 2001 2000 1999 1998 1997 ----------- ------------ ------------ ------------ ------------ Funds from Operations: Net income $73,223 $27,153 $36,586 $29,602 $21,204 Depreciation - real estate 32,261 31,720 28,800 25,146 21,795 Amortization - deferred tenant costs 2,172 1,923 2,132 1,464 1,031 Amortization - goodwill 170 170 170 170 170 Minority interest 1,044 1,156 1,174 139 0 Gain on sale of operating properties (39,189) (5,963) (3,846) 0 0 Gain on sale of non-operating assets 0 (52) (5) (35) (1,955) Recovery of loss on land held for sale 0 0 0 0 (379) Loss on early retirement of debt 0 0 0 0 458 ----------- ------------ ------------ ------------ ------------ Funds from Operations 69,681 56,107 65,011 56,486 42,324 Cash Available for Distribution: Add (Deduct): Rental income from straight-line rents (1,470) (1,897) (1,764) (1,335) (454) Amortization of deferred financing costs 908 888 836 1,069 637 Building improvements (3,049) (2,804) (3,741) (2,883) (2,618) 2nd generation tenant improvements (6,604) (8,362) (13,204) (11,057) (7,513) 2nd generation leasing commissions (1,389) (1,712) (1,736) (1,649) (1,902) ----------- ------------ ------------ ------------ ------------ Cash Available for Distribution $58,077 $42,220 $45,402 $40,631 $30,474 =========== ============ ============ ============ ============ Weighted average common shares/units outstanding - diluted 27,610 27,962 28,019 27,093 22,495 =========== ============ ============ ============ ============ Per share/unit - diluted: Funds from operations $ 2.52 $ 2.01 $ 2.32 $ 2.08 $ 1.88 =========== ============ ============ ============ ============ Cash available for distribution $ 2.10 $ 1.51 $ 1.62 $ 1.50 $ 1.35 =========== ============ ============ ============ ============ Dividends paid $ 1.40 $ 1.40 $ 1.30 $ 1.10 $ 0.35 =========== ============ ============ ============ ============ Dividend payout ratio: Funds from operations 55.6% 69.7% 56.0% 52.9% 18.6% =========== ============ ============ ============ ============ Cash available for distribution 66.7% 92.7% 80.2% 73.3% 25.9% =========== ============ ============ ============ ============
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KOGER EQUITY, INC. AND SUBSIDIARIES NET OPERATING INCOME 2002 Three Months Ended Year Year -------------------------------------------------- To Date To Date 3/31/02 6/30/02 9/30/02 12/31/02 3/31/02 3/31/01 Change --------- -------- -------- --------- ---------- ----------- -------- $(000) $(000) $(000) $(000) $(000) $(000) $(000) Same Store Sales: Revenues 27,580 27,580 27,140 440 Expenses 9,178 9,178 9,833 (655) ------ -------- -------- --------- ------- ------- ------ Net Operating Income 18,402 18,402 17,307 1,095 ------ -------- -------- --------- ------- ------- ------ 2001 and 2002 Acquisitions: Revenues 2,206 2,206 0 2,206 Expenses 1,011 1,011 0 1,011 ------ -------- -------- --------- ------- ------- ------ Net Operating Income 1,195 1,195 0 1,195 ------ -------- -------- --------- ------- ------- ------ Building Completions (1): Revenues 782 782 171 611 Expenses 236 236 88 148 ------ -------- -------- --------- ------- ------- ------ Net Operating Income 546 546 83 463 ------ -------- -------- --------- ------- ------- ------ 2001 Property Sales: Revenues 27 27 14,280 (14,253) Expenses 33 33 5,471 (5,438) ------ -------- -------- --------- ------- ------- ------ Net Operating Income (6) (6) 8,809 (8,815) ------ -------- -------- --------- ------- ------- ------ Total Company: Revenues 30,595 30,595 41,591 (10,996) Expenses 10,458 10,458 15,392 (4,934) ------ -------- -------- --------- ------- ------- ------ Net Operating Income 20,137 20,137 26,199 (6,062) ====== ======== ======== ========= ======= ======= ====== (1) Includes buildings completed after 12/31/00.
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KOGER EQUITY, INC. AND SUBSIDIARIES NET OPERATING INCOME 2001 Year Three Months Ended To Date ------------------------------------------------------------ 3/31/01 6/30/01 9/30/01 12/31/01 12/31/01 ------------ ------------- -------------- --------------- ------------ $(000) $(000) $(000) $(000) $(000) Same Store Sales: Revenues 27,140 27,010 27,543 27,367 109,060 Expenses 9,833 10,035 9,993 9,872 39,733 ------------ ------------- -------------- --------------- ------------ Net Operating Income 17,307 16,975 17,550 17,495 69,327 ------------ ------------- -------------- --------------- ------------ 2001 Acquisitions: Revenues 0 0 0 0 0 Expenses 0 0 0 0 0 ------------ ------------- -------------- --------------- ------------ Net Operating Income 0 0 0 0 0 ------------ ------------- -------------- --------------- ------------ Building Completions (1): Revenues 171 495 742 731 2,139 Expenses 88 182 248 67 585 ------------ ------------- -------------- --------------- ------------ Net Operating Income 83 313 494 664 1,554 ------------ ------------- -------------- --------------- ------------ 2001 Property Sales: Revenues 14,280 14,123 13,958 12,063 54,424 Expenses 5,471 5,549 5,350 4,920 21,290 ------------ ------------- -------------- --------------- ------------ Net Operating Income 8,809 8,574 8,608 7,143 33,134 ------------ ------------- -------------- --------------- ------------ Total Company: Revenues 41,591 41,628 42,243 40,161 165,623 Expenses 15,392 15,766 15,591 14,859 61,608 ------------ ------------- -------------- --------------- ------------ Net Operating Income 26,199 25,862 26,652 25,302 104,015 ============ ============= ============== =============== ============ (1) Includes buildings completed after 12/31/00.
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KOGER EQUITY, INC. AND SUBSIDIARIES SUMMARY OF OUTSTANDING DEBT AS OF MARCH 31, 2002 Average Monthly Interest Debt Outstanding Balance --------------------------- Description Rate Maturity Service 3/31/02 12/31/01 ------------------------------------------------- ------------ -------------- ------------ ------------ ------------- $(000) $(000) $(000) Fixed Rate: Northwestern Mutual - Tranche A 8.19% 01/02/07 789 92,807 93,292 Northwestern Mutual - Tranche B 8.33% 01/02/09 710 82,577 83,006 Northwestern Mutual - Tranche C 7.10% 01/02/07 105 14,134 14,200 Northwestern Mutual - Tranche D 7.10% 01/02/09 216 29,133 29,270 New York Life 8.00% 12/10/02 68 7,858 7,903 Allstate Life 8.20% 12/01/06 165 19,370 19,468 ------------ ------------ ------------- Total Fixed Rate Debt 8.04% 2,053 245,879 247,139 ------------ ------------ ------------- Variable Rate: GE Capital 7.88% 06/30/21 13 1,536 1,544 Secured Revolving Credit Facility - $125 Million 3.78% 12/27/04 252 80,000 0 ------------ ------------ ------------- Total Variable Rate Debt 3.86% 265 81,536 1,544 ------------ ------------ ------------- Total Debt 7.00% 2,318 327,415 248,683 ============ ============ ============= Market Capitalization: Total Debt 327,415 248,683 Common Stock 379,486 360,696 ------------ ------------- Total Market Capitalization 706,901 609,379 ============ ============= -------------------------------------------------------------------------------------------------------------------------- Amount ------------ $(000) Schedule of Mortgage Maturities by Year (1): 2002 11,434 2003 5,200 2004 5,629 2005 6,110 2006 23,704 Thereafter 195,338 ------------ Total 247,415 ============ (1) Does not include Secured Revolving Credit Facility.
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KOGER EQUITY, INC. AND SUBSIDIARIES OPERATING PROPERTY ACQUISITIONS 1999, 2000, 2001 AND 2002 Percent Square Date Purchase Leased Property Location Feet Purchased Price (1) 3/31/02 ------------------------------ -------------------------- -------------- --------------- ----------------- ------------- 1999 Charlotte University Charlotte, NC 190,600 11/01/99 $ 23,100,000 96% Orlando Lake Mary Orlando, FL 318,000 11/01/99 41,000,000 97% -------------- ----------------- 508,600 $ 64,100,000 97% ============== ================= ============= 2000 None 2001 None 2002 Three Ravinia Atlanta, GA 845,000 01/31/02 $125,000,000 57% (1) Purchase price consists of the contract price only and does not include closing costs.
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KOGER EQUITY, INC. AND SUBSIDIARIES BUILDING COMPLETIONS 1999, 2000, 2001 and 2002 Percent Square Month Leased Property Location Feet Completed Total Cost (1) 3/31/02 ------------------------------- ---------------------------- ------------- -------------- ---------------- ------------ 1999 Glenridge Building Orlando, FL 75,800 01/1999 $ 6,251,000 100% Wingate Building (3) Greensboro, NC 98,300 01/1999 7,143,000 NA Chisholm Building (3) San Antonio, TX 141,500 02/1999 9,888,000 NA Coventry III Building (2) El Paso, TX 21,900 07/1999 2,001,000 NA Carlton Building Jacksonville, FL 112,000 09/1999 10,849,000 100% Landstar Building Jacksonville, FL 180,900 12/1999 16,057,000 100% ------------- ---------------- 630,400 $52,189,000 100% ============= ================ ============ 2000 3500 Building (3) Birmingham, AL 144,900 01/2000 $13,272,000 NA Columbia Building Atlanta, GA 90,200 01/2000 9,384,000 100% Stuart Building Memphis, TN 83,700 01/2000 7,551,000 90% Dover Building Orlando, FL 67,400 05/2000 5,867,000 100% Duluth Building Atlanta, GA 103,200 05/2000 10,098,000 86% Pasco Building St. Petersburg, FL 89,800 05/2000 7,662,000 82% ------------- ---------------- 579,200 $53,834,000 91% ============= ================ ============ 2001 Collier Building Jacksonville, FL 113,500 02/2001 $10,575,000 100% Rosemont Building Orlando, FL 67,400 06/2001 5,859,000 88% ------------- ---------------- 180,900 $16,434,000 96% ============= ================ ============ 2002 None. (1) Includes land and building construction costs. Does not include tenant improvement costs. (2) The El Paso Center was sold on August 11, 2000. (3) These buildings were sold on December 12, 2001.
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KOGER EQUITY, INC. AND SUBSIDIARIES BUILDINGS UNDER CONSTRUCTION MARCH 31, 2002 Square Expected Projected Pre-Leasing Property Location Feet Completion Cost (1) to Date ----------------------------- --------------------- ------------ -------------- ---------------- --------------- None. ------------ ---------------- - $ - ============ ================ =============== (1) Includes land and building construction costs. Does not include tenant improvement costs.
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KOGER EQUITY, INC. AND SUBSIDIARIES TWENTY-FIVE LARGEST TENANTS BASED ON ANNUALIZED GROSS RENTS AS OF MARCH 31, 2002 Remaining Annualized Number Leased Term Percent Gross Percent Tenant (a) of Leases Square Feet (Months) of Leased Rent (b) of Rent ------------------------------------ ------------ --------------- ------------ ------------ --------------- ------------ U S Government 45 912,829 94 13.7% $16,488,077 13.6% State of Florida 47 772,148 34 11.6% 14,189,057 11.7% Blue Cross Blue Shield 11 561,209 31 8.4% 9,100,197 7.5% Six Continents Hotels 1 348,702 84 5.2% 8,897,829 7.3% Landstar Systems Holding, Inc. 1 176,000 152 2.6% 2,633,842 2.2% CitiFinancial 1 159,827 65 2.4% 2,402,923 2.0% Zurich Insurance Company 2 97,913 58 1.5% 1,996,143 1.6% Siemens 6 114,712 12 1.7% 1,930,793 1.6% General Electric 3 89,163 10 1.3% 1,818,373 1.5% Hanover Insurance 1 89,500 9 1.3% 1,815,992 1.5% Hoechst Celanese Corp. 1 92,376 15 1.4% 1,667,620 1.4% Ford Motor Company 4 63,271 27 0.9% 1,380,962 1.1% Homeside Lending, Inc. 1 69,020 19 1.0% 1,163,528 1.0% Dynamic Healthcare Tech Inc. 1 53,761 35 0.8% 1,094,419 0.9% BellSouth 4 66,526 46 1.0% 977,654 0.8% Sara Lee Corp. 1 51,188 39 0.8% 895,790 0.7% Moody's Investor Services 1 58,072 5 0.9% 812,545 0.7% Best Software, Inc. 1 47,110 81 0.7% 793,803 0.7% Check Solutions Company 1 40,307 82 0.6% 735,396 0.6% Navision Software US, Inc. 1 37,783 65 0.6% 728,947 0.6% Enovia Corporation 1 38,062 29 0.6% 712,947 0.6% Sungard Trust Systems Inc. 2 43,569 51 0.7% 699,676 0.6% Commercial Union Ins. Co. 1 36,306 44 0.5% 694,270 0.6% HireCheck Inc. 1 30,226 71 0.5% 663,624 0.5% Alcan Cable 1 26,201 111 0.4% 626,573 0.5% ------------ --------------- --------------- Total 140 4,075,781 61.2% $74,920,980 61.8% ============ =============== ============ =============== ============ Weighted Average 58 ============ (a) Actual tenant may be a subsidiary of, or an entity affiliated with, the named tenant. (b) Annualized Gross Rent is the monthly contractual base rent and current reimbursements under existing leases as of March 31, 2002 multiplied by 12.
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KOGER EQUITY, INC. AND SUBSIDIARIES REGIONAL SUMMARY OF MSAs AS OF MARCH 31, 2002 # of Age % Square % MSA State Bldgs (yrs) Square Feet Feet NOI (a) ---------------------------- ------------ -------- -------- ----------------- -------------- ------------ Atlanta GA 26 15 2,359,864 30.6% 29.0% Orlando FL 28 18 1,300,503 16.9% 17.9% Jacksonville FL 11 8 1,166,563 15.1% 16.2% Tallahassee FL 19 20 833,372 10.8% 10.0% Charlotte NC 15 15 708,584 9.2% 9.1% St. Petersburg FL 15 19 669,807 8.7% 8.5% Memphis TN 6 9 527,180 6.8% 6.8% Richmond VA 1 16 145,008 1.9% 2.5% -------- ----------------- -------------- ------------ Total 121 15 7,710,881 100.0% 100.0% ======== ======== ================= ============== ============ (a) Based on net operating income for the first quarter of 2002.
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KOGER EQUITY, INC. AND SUBSIDIARIES OCCUPANCY SUMMARY AS OF MARCH 31, 2002 Square Footage Percentage -------------------------------------------------------------------- ------------------------------------ Occupied Leased, Not Occupied Vacant Total Occupied Leased, Not OccupiedVacant Total --------- -------------------- ---------- ---------- ----------- ----------- ------------- --------- Atlanta 1,833,740 1,635 524,489 2,359,864 77.7% 0.1% 22.2% 100.0% Orlando 1,215,339 3,373 81,791 1,300,503 93.5% 0.3% 6.3% 100.0% Jacksonville 1,152,430 0 14,133 1,166,563 98.8% 0.0% 1.2% 100.0% Tallahassee 674,128 0 159,244 833,372 80.9% 0.0% 19.1% 100.0% Charlotte 621,847 7,223 79,514 708,584 87.8% 1.0% 11.2% 100.0% St. Petersburg 569,837 5,960 94,010 669,807 85.1% 0.9% 14.0% 100.0% Memphis 451,877 0 75,303 527,180 85.7% 0.0% 14.3% 100.0% Richmond 145,008 0 0 145,008 100.0% 0.0% 0.0% 100.0% ---------- --------- ---------- ---------- --------- ---------- ----------- --------- Total 6,664,206 18,191 1,028,484 7,710,881 86.4% 0.2% 13.3% 100.0% ========== ========= =========== ========== ========= ========== =========== =========
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KOGER EQUITY, INC. AND SUBSIDIARIES LEASE DISTRIBUTION AS OF MARCH 31, 2002 Tenant Occupied Percent Annualized Average Percent Number of Percent of Square of Square Gross Annualized of Total Remaining Category Leases (1) Leases Feet (2) Feet Rent (3) Rent PSF Rents Term --------------------------- ------------ ------------ ------------- ----------- -------------- ------------ ----------- --------- 2,500 or Less 441 51.6% 546,744 8.3% $9,590,132 $17.54 7.9% 23 2,501 - 5,000 181 21.2% 647,382 9.8% 11,913,996 18.40 9.8% 27 5,001 - 7,500 66 7.7% 404,222 6.1% 7,403,083 18.31 6.1% 25 7,501 - 10,000 36 4.2% 317,024 4.8% 5,715,278 18.03 4.7% 27 10,001 - 20,000 55 6.4% 768,139 11.6% 14,330,914 18.66 11.8% 33 20,001 - 40,000 42 4.9% 1,249,380 18.9% 22,066,853 17.66 18.2% 59 40,001 - 60,000 16 1.9% 800,160 12.1% 14,758,617 18.44 12.2% 54 60,001 - 100,000 13 1.5% 1,044,622 15.8% 19,336,873 18.51 15.9% 48 100,001 or Greater 4 0.5% 844,537 12.8% 16,118,702 19.09 13.3% 86 ------------ ------------ ------------- ----------- -------------- ------------ Total / Weighted Average 854 100.0% 6,622,210 100.0% $121,234,448 $18.31 100.0% 48 ============ ============ ============= =========== ============== ============ ============ ========
Square Feet % of Total ------------------- --------------- Square footage occupied by tenants 6,622,210 85.9% Square footage attributable to vending/antenna 1,520 0.0% Square footage occupied by owner/building use 40,476 0.5% ------------------- --------------- Total Occupied Square Footage 6,664,206 86.4% ------------------- --------------- Leased square footage 18,191 0.2% Vacant square footage 1,028,484 13.4% ------------------- --------------- Total Net Rentable Square Footage 7,710,881 100.0% =================== =============== (1) Analysis does not include owner occupied space, vending leases and antenna leases. (2) Total net rentable square feet represented by existing leases. (3) Annualized Gross Rent is the monthly contractual base rent and current reimbursements under existing leases as of March 31, 2002 multiplied by 12.
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KOGER EQUITY, INC. AND SUBSIDIARIES LEASE EXPIRATIONS AS OF MARCH 31, 2002 City Item 2002 2003 2004 2005 2006 2007 2008 -------- ------------------- ---------- -------- --------- -------- --------- -------- -------- Atlanta Square Feet(1) 222,560 90,717 101,654 192,177 75,343 134,630 158,504 % Square Feet(2) 9.46% 3.85% 4.32% 8.16% 3.20% 5.72% 6.73% Annualized Rent(3) 4,085,049 1,832,457 2,108,099 3,630,801 1,327,978 2,875,644 3,171,324 Number of Leases(4) 45 36 36 30 23 6 6 Rent PSF $18.35 $20.20 $20.74 $18.89 $17.63 $21.36 $20.01 Orlando Square Feet(1) 282,735 298,626 242,082 133,204 74,639 63,600 90,204 % Square Feet(2) 21.74% 22.96% 18.61% 10.24% 5.74% 4.89% 6.94% Annualized Rent(3) 4,982,984 5,229,334 4,544,958 2,472,628 1,434,584 959,740 1,567,339 Number of Leases(4) 54 61 56 21 13 7 6 Rent PSF $17.62 $17.51 $18.77 $18.56 $19.22 $15.09 $17.38 Jacksonville Square Feet(1) 8,176 323,548 92,737 168,926 79,821 267,516 0 % Square Feet(2) 0.70% 27.74% 7.95% 14.48% 6.84% 22.93% 0.00% Annualized Rent(3) 154,951 5,220,521 1,732,074 2,352,753 1,442,444 4,575,278 0 Number of Leases(4) 5 14 7 5 3 4 0 Rent PSF $18.95 $16.14 $18.68 $13.93 $18.07 $17.10 $0.00 Tallahassee Square Feet(1) 165,439 94,837 66,031 5,763 174,487 85,638 48,876 % Square Feet(2) 19.85% 11.38% 7.92% 0.69% 20.94% 10.28% 5.86% Annualized Rent(3) 2,957,727 1,868,509 1,106,906 98,305 3,739,257 1,498,665 872,437 Number of Leases(4) 38 24 9 4 5 1 1 Rent PSF $17.88 $19.70 $16.76 $17.06 $21.43 $17.50 $17.85 Charlotte Square Feet(1) 122,374 222,671 120,318 35,488 57,376 19,763 0 % Square Feet(2) 17.27% 31.42% 16.98% 5.01% 8.10% 2.79% 0.00% Annualized Rent(3) 1,968,953 3,985,859 2,141,045 606,473 915,724 374,441 0 Number of Leases(4) 13 28 23 10 6 2 0 Rent PSF $16.09 $17.90 $17.79 $17.09 $15.96 $18.95 $0.00 St. Petersburg Square Feet(1) 61,671 113,029 120,759 75,583 56,967 31,350 77,336 % Square Feet(2) 9.21% 16.87% 18.03% 11.28% 8.50% 4.68% 11.55% Annualized Rent(3) 1,019,043 1,717,316 1,752,703 1,216,909 934,929 618,481 1,457,427 Number of Leases(4) 37 37 20 12 9 3 2 Rent PSF $16.52 $15.19 $14.51 $16.10 $16.41 $19.73 $18.85 Memphis Square Feet(1) 92,742 67,968 40,322 125,589 71,280 4,289 47,188 % Square Feet(2) 17.59% 12.89% 7.65% 23.82% 13.52% 0.81% 8.95% Annualized Rent(3) 1,728,194 1,315,712 797,017 2,325,772 1,280,508 78,845 900,058 Number of Leases(4) 18 19 12 20 9 2 3 Rent PSF $18.63 $19.36 $19.77 $18.52 $17.96 $18.38 $19.07 Richmond Square Feet(1) 33,866 38,751 12,541 45,704 8,236 4,569 0 % Square Feet(2) 23.35% 26.72% 8.65% 31.52% 5.68% 3.15% 0.00% Annualized Rent(3) 638,313 781,416 244,647 873,732 151,242 80,606 0 Number of Leases(4) 6 8 4 5 3 1 0 Rent PSF $18.85 $20.17 $19.51 $19.12 $18.36 $17.64 $0.00 Total Square Feet(1) 989,563 1,250,147 796,444 782,434 598,149 611,355 422,108 % Square Feet(2) 12.84% 16.23% 10.34% 10.16% 7.76% 7.93% 5.48% Annualized Rent(3) 17,535,214 21,951,124 14,427,449 13,577,373 11,226,666 11,061,700 7,968,585 Number of Leases(4) 216 227 167 107 71 26 18 Rent PSF $17.72 $17.56 $18.11 $17.35 $18.77 $18.09 $18.88
City Item 2009 2010 2011 2011 + Total -------- ------------------ --------- --------- ------- --------- ---------- Atlanta Square Feet(1) 499,139 98,174 26,201 222,516 1,821,615 % Square Feet(2) 21.21% 4.17% 1.11% 9.45% 77.39% Annualized Rent(3) 12,068,236 1,748,395 626,573 3,921,512 37,396,068 Number of Leases(4) 7 1 1 5 196 Rent PSF $24.18 $17.81 $23.91 $17.62 $20.53 Orlando Square Feet(1) 25,000 635 0 0 1,210,725 % Square Feet(2) 1.92% 0.05% 0.00% 0.00% 93.10% Annualized Rent(3) 459,306 11,573 0 0 21,662,446 Number of Leases(4) 1 1 0 0 220 Rent PSF $18.37 $18.23 $0.00 $0.00 $17.89 Jacksonville Square Feet(1) 0 0 26,947 176,000 1,143,671 % Square Feet(2) 0.00% 0.00% 2.31% 15.09% 98.04% Annualized Rent(3) 0 0 527,622 2,633,842 18,639,485 Number of Leases(4) 0 0 1 1 40 Rent PSF $0.00 $0.00 $19.58 $14.97 $16.30 Tallahassee Square Feet(1) 0 0 26,696 0 667,767 % Square Feet(2) 0.00% 0.00% 3.20% 0.00% 80.13% Annualized Rent(3) 0 0 340,374 0 12,482,180 Number of Leases(4) 0 0 1 0 83 Rent PSF $0.00 $0.00 $12.75 $0.00 $18.69 Charlotte Square Feet(1) 40,307 0 0 0 618,297 % Square Feet(2) 5.69% 0.00% 0.00% 0.00% 87.26% Annualized Rent(3) 735,396 0 0 0 10,727,891 Number of Leases(4) 1 0 0 0 83 Rent PSF $18.24 $0.00 $0.00 $0.00 $17.35 St. Petersburg Square Feet(1) 12,709 17,686 0 0 567,090 % Square Feet(2) 1.90% 2.64% 0.00% 0.00% 84.66% Annualized Rent(3) 170,936 242,572 0 0 9,130,316 Number of Leases(4) 1 1 0 0 122 Rent PSF $13.45 $13.72 $0.00 $0.00 $16.10 Memphis Square Feet(1) 0 0 0 0 449,378 % Square Feet(2) 0.00% 0.00% 0.00% 0.00% 85.24% Annualized Rent(3) 0 0 0 0 8,426,106 Number of Leases(4) 0 0 0 0 83 Rent PSF $0.00 $0.00 $0.00 $0.00 $18.75 Richmond Square Feet(1) 0 0 0 0 143,667 % Square Feet(2) 0.00% 0.00% 0.00% 0.00% 99.08% Annualized Rent(3) 0 0 0 0 2,769,956 Number of Leases(4) 0 0 0 0 27 Rent PSF $0.00 $0.00 $0.00 $0.00 $19.28 Total Square Feet(1) 577,155 116,495 79,844 398,516 6,622,210 % Square Feet(2) 7.49% 1.51% 1.04% 5.17% 85.95% Annualized Rent(3) 13,433,874 2,002,540 1,494,569 6,555,354 121,234,448 Number of Leases(4) 10 3 3 6 854 Rent PSF $23.28 $17.19 $18.72 $16.45 $18.31 (1) Total net rentable square feet represented by expiring leases. (2) Percentage of total net rentable feet represented by expiring leases. (3) Annualized Gross Rent is the monthly contractual base rent and current reimbursements under existing leases as of March 31, 2002 multiplied by 12. (4) Analysis does not include owner occupied space, vending leases and antenna leases.
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KOGER EQUITY, INC. AND SUBSIDIARIES NET EFFECTIVE RENTS EXECUTED LEASES YEAR TO DATE New (2) Backfill (3) Renewal (4) Total ---------------- ---------------- ---------------- --------------------- Number of leases (1) 22 5 45 72 Rentable square footage leased 34,293 5,872 434,600 474,765 Average per rentable square foot over the lease term: Gross Rent $ 17.57 $ 18.19 $ 16.08 $ 16.21 Tenant improvements (1.57) (1.69) (0.56) (0.65) Leasing commissions (0.42) (0.26) (0.10) (0.13) Other/concessions - - - - ---------------- ---------------- ---------------- --------------------- Effective Rent 15.58 16.24 15.42 15.44 Expense stop (5.27) (5.23) (4.96) (4.99) ---------------- ---------------- ---------------- --------------------- Equivalent effective net rent $ 10.31 $ 11.01 $ 10.46 $ 10.46 ================ ================ ================ ===================== Average term (yrs) 4 3 4 4 (1) Analysis includes leases fully executed from 1/1/02 to 3/31/02 for buildings owned at 3/31/02. (2) New is defined as First Generation space or space that has been vacant more than nine months. (3) Backfill is defined as vacated space that has been relet within nine months. (4) Renewal is defined as a renewal for their currently occupied space.
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KOGER EQUITY, INC. AND SUBSIDIARIES NET EFFECTIVE RENTS New & Backfill Leasing ---------------------------------------------------------------------------- 3/31/02 12/31/01 9/30/01 6/30/01 Average -------------- ---------------- ------------ --------------- -------------- Number of leases 27 41 51 43 41 Rentable square footage leased 40,165 104,477 157,108 104,974 101,681 Average per rentable square foot over the lease term: Gross Rent $ 17.66 $ 18.01 $ 17.46 $ 17.71 $17.70 Tenant improvements (1.59) (1.66) (2.27) (2.00) (1.93) Leasing commissions (0.40) (0.14) (0.37) (0.38) (0.32) Other/concessions - - - - - -------------- ---------------- ------------ --------------- -------------- Effective Rent 15.67 16.21 14.82 15.33 15.45 Expense stop (5.26) (5.81) (5.75) (5.77) (5.69) -------------- ---------------- ------------ --------------- -------------- Equivalent effective net rent $ 10.41 $ 10.40 $ 9.07 $ 9.56 $ 9.76 ============== ================ ============ =============== ============== Average term (yrs) 3.8 5.5 5.6 4.2 4.9 Renewal Leasing ----------------------------------------------------------------------------- 3/31/02 12/31/01 9/30/01 6/30/01 Average -------------- ---------------- ------------ --------------- -------------- Number of leases 45 40 51 40 44 Rentable square footage leased 434,600 104,292 398,747 207,480 286,280 Average per rentable square foot over the lease term: Gross Rent $ 16.08 $ 17.43 $ 16.33 $ 17.19 $16.71 Tenant improvements (0.56) (0.77) (0.23) (0.26) (0.44) Leasing commissions (0.10) (0.33) (0.14) (0.11) (0.17) Other/concessions - - - - - -------------- ---------------- ------------ --------------- -------------- Effective Rent 15.42 16.33 15.96 16.82 16.10 Expense stop (4.96) (5.90) (5.41) (5.87) (5.51) -------------- ---------------- ------------ --------------- -------------- Equivalent effective net rent $ 10.46 $ 10.43 $ 10.55 $ 10.95 $10.59 ============== ================ ============ =============== ============== Average term (yrs) 4.2 4.7 2.4 2.3 3.4
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KOGER EQUITY, INC. AND SUBSIDIARIES SAME SUITE ANALYSIS YEAR TO DATE MARCH 31, 2002 Total Leasing (a) ---------------------------------------------------------------------------------------------------------- RSF New Net Expiring Net Percent Leased Rent per RSF Rent per RSF Change Change --------------------- ------------- -------------------------- -------------------- -------------------- Atlanta 56,721 $14.88 $14.39 $0.49 3.4% Orlando 57,000 $10.62 $9.21 $1.41 15.3% Jacksonville 161,268 $10.00 $10.49 ($0.49) -4.7% Tallahassee 96,221 $11.33 $11.37 ($0.04) -0.4% Charlotte 6,033 $13.80 $14.73 ($0.93) -6.3% St. Petersburg 69,818 $10.98 $11.21 ($0.23) -2.1% Memphis 4,270 $11.98 $10.69 $1.29 12.1% Richmond 0 $0.00 $0.00 $0.00 0.0% -------------- Total 451,331 $11.20 $11.18 $0.02 0.2% ============== ============= ========================== ==================== ====================
(a) Analysis includes leases fully executed from 1/1/02 to 3/31/02 for buildings owned at 3/31/02. Does not include First Generation space. Page 21