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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.

For renewal leases, the weighted average net rental rate increased 10.2% to $11.59 per sf, compared with an average net rental rate of $10.52 per sf at lease expiration.

Overall, the REIT reported second-quarter net income of $8.7 million, or 32 cents per diluted share, on total revenue of $41.6 million. That compares with net of $5.8 million, or 22 cents per share, on total revenue of $42.8 million for the same period in 2000.

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