UNITED STATES
SECURITIES and EXCHANGE COMMISSION

FORM 8-K/A

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): April 2, 2004

KOGER EQUITY, INC.

FLORIDA

(561) 395-9666

N/A

Koger Equity, Inc. (the “Company”) is amending its Form 8-K filed on April 8, 2004, to include (i) a Statement of Revenues and Certain Expenses for the Decoverly Two Building, Decoverly Three Building, Decoverly Six undeveloped parcel of land and Decoverly Seven ground lease (the “Properties”) for the year ended December 31, 2003 as required by Rule 3-14 of Regulation S-X of the Securities and Exchange Commission and (ii) unaudited pro forma financial statements including (a) the Company’s pro forma balance sheet as of December 31, 2003, as if the acquisition of the Properties occurred on December 31, 2003, (b) the Company’s pro forma statement of operations for the year ended December 31, 2003, as if the acquisition of the Properties had occurred on January 1, 2003, and (c) a pro forma statement of estimated taxable operating results and estimated cash to be made available by operations of the Company for the year ended December 31, 2003, as if the acquisition of the Properties had occurred on January 1, 2003.

Item 2. Acquisition or Disposition of Assets.

On April 2, 2004, Koger Equity, Inc. (the “Company”) acquired four properties (the “Properties”), including two Class “A” office buildings, a ground lease and an undeveloped parcel of land located in the Decoverly Office Park in Rockville, Maryland for a purchase price of approximately $42.0 million plus closing costs. The two office buildings aggregate approximately 155,000 square feet of rentable space. The undeveloped land parcel contains 3.2 acres with an approved site plan for a four-story 105,000 square foot office building. The funds required for this acquisition were drawn from proceeds from the Company’s January 2004 common stock offering. The Properties were acquired through the purchase of partnership interests from Boston Properties, Inc., an unrelated third party.

The Company considered various factors in determining the price to be paid for this acquisition. Factors considered included the nature of the tenants and terms of leases in place, opportunities for alternative and new tenancies, historical and expected cash flows, occupancy rates, current operating costs on the Properties and anticipated changes therein under Company ownership, the physical condition and location of the Properties, the need for capital improvements, the anticipated effect on the Company’s financial results, and other factors. The Company took into consideration capitalization rates at which it believed other comparable properties had recently sold. However, the Company determined the price it was willing to pay primarily on the factors discussed above relating to the Properties and their fit into the Company’s existing operations. No separate independent appraisal was obtained in connection with this acquisition.

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Item 7. Financial Statements and Exhibits

The following financial statements and pro forma financial information are filed as part of this report.

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INDEPENDENT AUDITORS’ REPORT

To the Board of Directors and Shareholders of
Koger Equity, Inc.
Boca Raton, Florida:

We have audited the accompanying statement of revenues and certain expenses of the properties known as the Decoverly Two Building, Decoverly Three Building, Decoverly Six undeveloped land and Decoverly Seven ground lease (the “Properties”) for the year ended December 31, 2003. On April 2, 2004, the Properties were acquired from Boston Properties, Inc., an unrelated third party. This financial statement is the responsibility of the Properties. Our responsibility is to express an opinion on the financial statement based on our audit.

We conducted our audit in accordance auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes assessing the accounting principles used and the significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

The accompanying statement of revenues and certain expenses was prepared for the purpose of complying with the rules and regulations of the Securities and Exchange Commission for inclusion in the filing of a Form 8-K/A of Koger Equity, Inc. dated April 2, 2004, as a result of the acquisition of the Properties. Material amounts, described in Note 1 to the statement of revenues and certain expenses, that would not be comparable to those resulting from future operations of the Properties are excluded and the statement is not intended to be a complete presentation of the Properties’ revenues and expenses.

In our opinion, the financial statement referred to above presents fairly, in all material respects, the revenues and certain expenses of the Properties for the year ended December 31, 2003 in conformity with accounting principles generally accepted in the United States of America.

DELOITTE & TOUCHE LLP
Certified Public Accountants

West Palm Beach, Florida
June 1, 2004

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DECOVERLY TWO BUILDING, DECOVERLY THREE BUILDING, DECOVERLY
SIX UNDEVELOPED LAND AND DECOVERLY SEVEN GROUND LEASE
STATEMENT OF REVENUES AND CERTAIN EXPENSES
YEAR ENDED DECEMBER 31, 2003

See notes to statement of revenues and certain expenses.

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DECOVERLY TWO BUILDING, DECOVERLY THREE BUILDING, DECOVERLY
SIX UNDEVELOPED LAND AND DECOVERLY SEVEN GROUND LEASE
NOTES TO STATEMENT OF REVENUES AND CERTAIN EXPENSES
YEAR ENDED DECEMBER 31, 2003

1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

     The Decoverly Two Building, Decoverly Three Building, Decoverly Six undeveloped land and Decoverly Seven ground lease (the “Properties”) consist of two office buildings containing approximately 155,000 square feet of rentable space, an undeveloped parcel of land and a ground lease located in Rockville, Maryland. The Properties were acquired from Boston Properties, Inc., an unrelated third party, on April 2, 2004. The statement of revenues and certain expenses includes information related to the operations of the Properties for the year ended December 31, 2003 as recorded by the Properties’ previous owners, subject to the adjustments described below.

     The accompanying historical financial statement information is presented in conformity with Rule 3-14 of Regulation S-X of the Securities and Exchange Commission. Accordingly, the financial statement is not representative of the actual operations for the year ended December 31, 2003 as certain expenses, which may not be comparable to the expenses expected to be incurred in the future operations of the Properties, have been excluded. Expenses excluded consist of interest, depreciation and amortization, and other costs not directly related to the future operations of the acquired Properties.

     Management’s Use of Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

     Rental Income — Rental income is recognized on a straight-line basis over the terms of the related leases.

     Properties Operating Expenses — Properties operating expenses consist primarily of utilities, insurance, repairs and maintenance, security and safety, cleaning, bad debts and other administrative expenses.

     Management Costs and Fees – At the date of acquisition, the Properties were being managed by Boston Properties, Inc. for a period of 90 days for a management fee of approximately three percent of rental receipts plus reimbursement of personnel and other costs related to management of the properties.

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DECOVERLY TWO BUILDING, DECOVERLY THREE BUILDING, DECOVERLY
SIX UNDEVELOPED LAND AND DECOVERLY SEVEN GROUND LEASE
NOTES TO STATEMENT OF REVENUES AND CERTAIN EXPENSES
YEAR ENDED DECEMBER 31, 2003

2. OPERATING LEASES

     Operating revenue is principally obtained from business tenant rentals under operating leases. Decoverly Seven consists of a ground lease with a remaining term of 94 years at December 31, 2003 and annual base rent revenues of approximately $571,550 with an escalation provision of 3% per year. Future minimum base rental income under all tenant operating leases as of December 31, 2003 are as follows:

     For the year ended December 31, 2003, Spirent Communications contributed approximately 64% of the Properties’ base rental income.

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KOGER EQUITY, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
December 31, 2003
(In Thousands)

See accompanying notes to unaudited consolidated pro forma financial statements.

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KOGER EQUITY, INC. AND SUBSIDIARIES
UNAUDITED PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
For the year ended December 31, 2003
(In Thousands except per Share Data)

See accompanying notes to unaudited pro forma consolidated financial statements.

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KOGER EQUITY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of Presentation

     On April 2, 2004, Koger Equity, Inc. and subsidiaries (the “Company”) acquired the Decoverly Two Building, Decoverly Three Building, Decoverly Six undeveloped land and Decoverly Seven ground lease (the “Properties”). The Properties consist of two office buildings containing approximately 155,000 square feet of rentable space, an undeveloped parcel of land and a ground lease located in Rockville, Maryland and were acquired by the Company from Boston Properties, Inc., an unrelated third party. The statement of revenues and certain expenses includes information related to the operations of the Properties for the year ended December 31, 2003 as recorded by the Properties’ previous owner, subject to the pro forma adjustments described below.

2. Unaudited Pro Forma Consolidated Balance Sheet

     The unaudited pro forma consolidated balance sheet as of December 31, 2003 is based on the historical consolidated balance sheet for the Company presented in the Annual Report on Form 10-K for the year ended December 31, 2003. The unaudited pro forma consolidated balance sheet includes adjustments assuming this acquisition had occurred as of December 31, 2003. Significant pro forma adjustments in the unaudited pro forma consolidated balance sheet include the following:

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KOGER EQUITY, INC. AND SUBSIDIARIES
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS (continued)

3. Unaudited Pro Forma Consolidated Statement of Operations

     The unaudited pro forma consolidated statement of operations for the year ended December 31, 2003 is based on the historical consolidated statement of operations for the Company presented in the Annual Report on Form 10-K for the year ended December 31, 2003. The unaudited pro forma consolidated statement of operations includes adjustments assuming that the acquisition of the Properties had occurred as of January 1, 2003. Significant pro forma adjustments in the unaudited pro forma consolidated statement of operations include the following:

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KOGER EQUITY, INC. AND SUBSIDIARIES
UNAUDITED STATEMENT OF ESTIMATED TAXABLE OPERATING RESULTS
AND ESTIMATED CASH TO BE MADE AVAILABLE BY OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2003
(In Thousands)

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(c) Exhibits

EXHIBIT INDEX

The following designated exhibits are filed herewith:

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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.

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