EXHIBIT 21



SUBSIDIARIES OF THE REGISTRANT



|                                               |  |                                     
|---------------------------------------------- |  | ------------------------------------
|Name of Subsidiaries*                          |  | State ofIncorporationor Organization
|                                               | 
|Koger Real Estate Services, Inc.               |  | Florida                             
|                                               | 
|Southeast Properties Holding Corporation, Inc. |  | Florida                             
|                                               | 
|Koger Realty Services, Inc.                    |  | Florida                             
|                                               | 
|Koger-Vanguard Partners, L.P.                  |  | Delaware                            
|                                               | 
|Koger Ravinia, LLC                             |  | Delaware                            
|                                               | 
|Koger Post Oak Limited Partnership             |  | Delaware                            
|                                               | 
|Koger Post Oak, Inc.                           |  | Delaware                            
|                                               | 
|Koger Dallas I Limited Partnership             |  | Delaware                            
|                                               | 
|K/Dallas I, Inc.                               |  | Delaware                            
|                                               | 
|Koger Dallas II Limited Partnership            |  | Delaware                            
|                                               | 
|K/Dallas II, Inc.                              |  | Delaware                            
|                                               | 
|Koger McGinnis Park, LLC                       |  | Florida                             
|                                               | 
|McGinnis Park, Ltd.                            |  | Florida                             
|                                               | 
|K/McGinnis Office, LLC                         |  | Florida                             
|                                               | 
|K/McGinnis Office, Ltd.                        |  | Florida                             
|                                               | 
|K/McGinnis Undeveloped, LLC                    |  | Florida                             
|                                               | 
|K/McGinnis Undeveloped, Ltd.                   |  | Florida                             
|                                               | 
|Koger Acquisition, LLC                         |  | Florida                             

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|* | These subsidiaries are wholly owned by Koger Equity, Inc. except that McGinnis Park, Ltd., K/McGinnis Office, LLC, K/McGinnis Office, Ltd., K/McGinnis Undeveloped, LLC, and
K/McGinnis Undeveloped, Ltd. are 75% owned by Koger Equity, Inc. through Koger McGinnis Park, LLC.
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