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Exhibit 99
KOGER EQUITY, INC.
8880 Freedom Crossing Trail
Jacksonville, Florida 32256
(904) 732-1000
[KOGER LOGO]
NEWS
FOR IMMEDIATE RELEASE
October 19, 2000
Contact: Andrea Knibbs 954.428.4477
FL-KOGER EQUITY-KE
KOGER EQUITY TO MANAGE CROCKER REALTY TRUST PROPERTIES;
RELOCATE ADMINISTRATIVE FUNCTIONS TO BOCA RATON
JACKSONVILLE, FLA. - Koger Equity, Inc. (NYSE:KE) and Crocker Realty
Trust today announced they have reached an agreement providing for Koger Equity
to take on management of the 6.1 million-square-foot portfolio of Crocker Realty
Trust. The agreement is subject to documentation.
Crocker Realty Trust, a privately held real estate investment trust
headquartered in Boca Raton, Fla. owns 127 office properties in six southeast
U.S. states. The Company was founded by Thomas J. Crocker, who is now chief
executive officer of Koger Equity, a post he assumed last March.
Crocker said Koger Equity now will have management responsibility for
more than 20 million square feet total, and is positioned to capture the
operational efficiency and economies of scale crucial in a highly competitive
market. Koger Equity's own portfolio in 15 Southeastern and Southwestern cities
encompasses 10.6 million square feet of properties owned by the company, and an
additional 4 million square feet currently under management.
Concurrent with the management agreement, Crocker said Koger Equity
will relocate certain executive offices, and its accounting and human resources
functions to Boca Raton. Crocker said the decision reflects the need to upgrade
the company's infrastructure in the administrative and accounting areas, and the
opportunity to tap a pool of experienced real estate accounting personnel in
Boca Raton. In June, Koger Equity implemented a management reorganization
involving four new vice presidents -- with two based in Boca Raton, another in
Atlanta, and the fourth in Jacksonville.
Koger Equity will continue to maintain executive offices in
Jacksonville, where its chairman, Victor Hughes, and Senior Vice President Bryan
Howell are officed, as are the firm's marketing and construction management
functions.
Koger Equity specializes in developing, owning and operating
state-of-the-art suburban office parks under the "Koger Center" brand name. The
Company owns 22 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.
