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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
