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Koger Net Rental Rates Climb 11.2%

BOCA RATON, FL-The real estate investment trust reports the weighted average gross rental rate on new leases signed increased $12.39 per sf over the second quarter.

By David R. Corder | Updated on August 10, 2001

BOCA RATON, FL-Koger Equity Inc. is attributing an aggressive leasing and property management strategy for an increase in rental rates and a decrease in operating expenses for the second quarter ended June 30.

The Boca Raton-based real estate investment trust reported fourth-quarter funds from continuing operations of $17.7 million, or 63 cents per share, compared with funds from continuing operations of $16 million, or 57 cents a share, for the same period in 2000.

The company also reports the second-quarter weighted average net rental rate on leases signed–excluding first-generation space and renewals–climbed about 11.2% to $12.39 per sf. That compares with an average net rental rate of $11.14 per sf on expiring leases.

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