Additionally, the FFO dropped from $17 million or a 63 cents per fully diluted share to $11 million or 51 cents per share.
The termination of a management contract with AP-Knight, however, and increased insurance premiums in the second half of 2002 could cut into revenue, Koger CEO Thomas Crocker says in a prepared statement. Operating margins for the REIT increased to 62.6% from 62.1%.
The AP-Knight contract termination also lead to the resignation of John Jacobsson from the company's board of directors.
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