Exhibit 99
                                                             KOGER EQUITY, INC.
                                                      433 Plaza Real, Suite 335
                                                      Boca Raton, Florida 33432



           Contacts:

           Robert Onisko                  Investor Relations:
           Chief Financial Officer        Brad Cohen
           Koger Equity, Inc.             Integrated Corporate Relations, Inc.
           (561) 395-9666                 203-222-9013




     Koger Equity Closes The Lakes on Post Oak Acquisition in Houston, Texas


Boca Raton, Florida - December 10, 2002 - Koger Equity, Inc. (NYSE:KE), a real
estate investment trust, announced today that it has acquired, through an
affiliated partnership, the Lakes on Post Oak, a 1.2 million square foot, Class
A, three office building development located in the prestigious Galleria/West
Loop submarket in Houston, Texas, for approximately $102 million (or $85.00 per
square foot). Based on the pro forma net operating income for 2003, Koger
purchased the properties (currently 75.5% occupied) at a capitalization rate of
approximately 7%. Although Hines originally developed the Lakes on Post Oak as
an integrated office project between 1979 and 1981, this acquisition by Koger
reunifies the project by consolidating 3040 Post Oak Boulevard, which Koger
purchased from Nippon Life Insurance, and 3000 and 3050 Post Oak Boulevard,
which Koger purchased from the Dallas-based Cottonwood Partners. This
transaction represents the first investment by Koger in the Houston market.

Koger financed the purchase with $77 million of 5-year (two-year initial term
with 3 one-year extensions), project-level, non-recourse debt bearing interest
at a floating rate equal to 287 basis points over the LIBOR (with a two-year
LIBOR interest rate cap of 5.45%) and a $35 million draw on its revolving line
of credit. To date, Koger has applied $25 million against the purchase price and
deposited $10 million in escrow toward tenant improvements, leasing commissions,
and deferred maintenance items. Koger anticipates that by December 31, 2002 it
will pay down a substantial portion of the revolving line of credit by
refinancing Three Ravinia, an 803,160 square foot property, currently owned by
an affiliate of Koger and located in Atlanta, Georgia. The refinancing will
remove Three Ravinia from the revolving line of credit and secure it with an $85
million, 5-year, non-recourse mortgage note bearing a fixed interest rate of
5.26%. Koger estimates that the combined impact of the Lakes on Post Oak
acquisition and the refinancing of Three Ravinia will be neutral to its 2003
funds from operations ("FFO").


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Thomas Crocker, the Chief Executive Officer of Koger Equity, said, "We are
delighted to complete the acquisition of the Lakes on Post Oak. Its `suburban
in-fill' characteristics combined with the fact that the properties were
purchased at a significant discount to replacement cost integrates perfectly
with our long-term investment strategy." Mr. Crocker added, "We are very excited
about this traditional real estate transaction in which we anticipate creating
considerable value by implementing a major capital spending program in excess of
$12 million (over $10 per square foot). The program will refurbish and modernize
the entire complex by the end of 2003 and be followed by an aggressive marketing
and leasing program driven by our competitively low basis."

In addition to these changes, the Texas Department of Transportation and local
development associations are in the middle of extensive infrastructure changes
that arguably will cause the Lakes on Post Oak to be among the best located
projects in the Galleria/West Loop submarket.

Thomas Brockwell, Senior Vice President of Koger Equity echoed these sentiments
opining, "The diversification of the Houston economy over the past 20 years
coupled with the limited development since the early 1980's, leads us to believe
that the Houston office market will perform well during the next economic
recovery period."

The Lakes on Post Oak resides within a 28-acre park-like development located
adjacent to the Galleria Mall, which is undergoing a 700,000 square foot retail
expansion to be anchored by Nordstroms and Foleys. Major tenants of the project
include Bechtel Corporation, which leases almost the entire 3000 Post Oak
Boulevard building, Huntsman Corporation, Phelps Dunbar, and Clear Channel
Communications.

The Galleria/West Loop submarket consists of over 21.7 million square feet and
is the nation's largest suburban office business district. Although current
vacancies exceed 18%, the area's ample supply of Class A buildings, the limited
opportunities for future office developments, its unique mixture of upscale
dining and shopping, its proximity to some of the most prestigious executive
residential neighborhoods in Houston, and the extensive infrastructure
improvement programs should create consistent, long-term demand for office space
in this submarket.

Estimates of future FFO per share are by definition, and certain other matters
discussed in this press release may be, forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Although Koger
Equity, Inc. believes the expectations reflected in such forward-looking
statements are based on reasonable assumptions; there can be no assurance that
its expectations will be attained. Certain factors that could cause actual
results to differ materially from the Company's expectations are set forth as
risk factors in the company's SEC reports and filings, including its annual
report on Form 10-K. Included among these factors are changes in general
economic conditions, including changes in the economic conditions affecting
industries in which its principal tenants compete; its ability to timely lease
or re-lease space to credit worthy tenants at current or anticipated rents; its
ability to achieve economies of scale over time; the demand for tenant services
beyond those traditionally provided by landlords; changes in interest rates;
changes in operating costs; its ability to attract and retain high-quality
personnel at a reasonable cost in a highly competitive labor environment; future
demand for its debt and equity securities; its ability to refinance its debt on
reasonable terms at maturity; and its ability to complete current and future
development projects on schedule and on budget.


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Many of these factors are beyond the Company's ability to control or predict.
Forward-looking statements are not guarantees of performance. For
forward-looking statements contained or incorporated by reference herein, the
Company claims the protection of the safe harbor for forward-looking statements
contained in the Private Securities Litigation Reform Act of 1995. The Company
assumes no obligation to update or supplement forward-looking statements that
become untrue because of subsequent events.

Koger Equity, Inc. owns and operates 124 office buildings, containing 8.9
million rentable square feet, located primarily in 16 suburban office projects
in nine cities in the Southeastern and Southwestern United States. In addition,
the Company manages for others 70 office buildings containing 3.39 million
rentable square feet, located primarily in eight suburban office parks in five
cities in the Southeastern and Southwestern United States.

Additional information about Koger is available upon request to Investor
Relations, 433 Plaza Real, Suite 335, Boca Raton, Florida 33432-3945, or call
1-800-850-2037.




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