UNITED STATES
                       SECURITIES and EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q

         (Mark One)
  X      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
 ---     EXCHANGE ACT OF 1934
         For the quarterly period ended September 30, 1996 OR


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

         For the transition period from ___________ to ___________

                          Commission File Number 1-9997

                               KOGER EQUITY, INC.
             (Exact name of registrant as specified in its charter)

                FLORIDA                          59-2898045
   (State or other jurisdiction of             (I.R.S. Employer
    incorporation or organizatio              Identification No.)


  3986 BOULEVARD CENTER DRIVE, SUITE 101
           JACKSONVILLE, FLORIDA                       32207
  (Address of principal executive offices)          (Zip Code)

       Registrant's telephone number, including area code: (904) 398-3403

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

Yes   X    No
     ---
Indicate the number of shares  outstanding  of each of the  issuer's  classes of
common stock, as of the close of the latest practicable date.

       Class                              Outstanding at November 1, 1996
 Common Stock, $.01 par value                     20,886,436 shares


<PAGE>



                       KOGER EQUITY, INC. AND SUBSIDIARIES

                                      INDEX
                                                                            Page
                                                                          Number
PART I.   FINANCIAL INFORMATION

            Independent Accountants' Report...............................    2

    Item 1.  Financial Statements:

            Condensed Consolidated Balance Sheets
               September 30, 1996 and December 31, 1995...................    3

            Condensed Consolidated Statements of Operations
               for the Three and Nine Month Periods Ended
               September 30, 1996 and 1995................................    4

            Condensed Consolidated Statement of Changes in
               Shareholders' Equity for the Nine Month Period
               Ended September 30, 1996...................................    5

            Condensed Consolidated Statements of Cash Flows
               for the Nine Month Periods Ended September 30, 1996
               and 1995...................................................    6

            Notes to Condensed Consolidated Financial
               Statements for the Three and Nine Month Periods
               Ended September 30, 1996 and 1995..........................    7

    Item 2.  Management's Discussion and Analysis of Financial Condition
               and Results of Operations..................................   10

PART II.       OTHER INFORMATION

    Item 1.  Legal Proceedings............................................   14

    Item 5.  Other Information............................................   15

    Item 6.  Exhibits and Reports on Form 8-K.............................   18

    Signatures    ........................................................   19







                                        1

<PAGE>






INDEPENDENT ACCOUNTANTS' REPORT

To the Board of Directors and Shareholders of
Koger Equity, Inc.
Jacksonville, Florida

We have reviewed the accompanying  condensed consolidated balance sheet of Koger
Equity,  Inc. and subsidiaries (the "Company") as of September 30, 1996, and the
related condensed  consolidated  statements of operations for the three and nine
month periods  ended  September  30, 1996 and 1995,  the condensed  consolidated
statement  of changes in  shareholders'  equity for the nine month  period ended
September 30, 1996 and the condensed  consolidated  statements of cash flows for
the nine month  periods  ended  September  30,  1996 and 1995.  These  financial
statements are the responsibility of the Company's management.

We conducted our review in accordance with standards established by the American
Institute  of  Certified  Public  Accountants.  A review  of  interim  financial
information consists principally of applying analytical  procedures to financial
data and of making inquiries of persons responsible for financial and accounting
matters. It is substantially less in scope than an audit conducted in accordance
with  generally  accepted  auditing  standards,  the  objective  of which is the
expression of an opinion  regarding the financial  statements  taken as a whole.
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material  modifications that should
be made to such condensed  consolidated  financial  statements for them to be in
conformity with generally accepted accounting principles.

We have  previously  audited,  in accordance  with generally  accepted  auditing
standards,  the  consolidated  balance  sheet of the Company as of December  31,
1995,  and  the  related  consolidated  statements  of  operations,  changes  in
shareholders'  equity,  and cash flows for the year then  ended  (not  presented
herein);  and in our report dated March 4, 1996,  we  expressed  an  unqualified
opinion  on  those  consolidated  financial  statements.  In  our  opinion,  the
information set forth in the accompanying  condensed  consolidated balance sheet
as of December 31, 1995 is fairly stated, in all material respects,  in relation
to the consolidated balance sheet from which it has been derived.





DELOITTE & TOUCHE  LLP
Jacksonville, Florida
November 4, 1996


                                        2

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<TABLE>
<CAPTION>



                                             PART I. FINANCIAL INFORMATION
Item 1.  Financial Statements
                                          KOGER EQUITY, INC. AND SUBSIDIARIES
                                         CONDENSED CONSOLIDATED BALANCE SHEETS
                                   (Unaudited - See Independent Accountants' Report)
                                                     (In thousands)

                                                                                   September 30,         December 31,
                                                                                       1996                  1995
                                                                                       ----                  ----
<S>                                                                                  <C>                  <C>     
ASSETS
Real Estate Investments:
  Operating properties:
     Land                                                                            $  98,567            $  98,727
     Buildings                                                                         478,672              471,145
     Furniture and equipment                                                             1,697                1,566
     Accumulated depreciation                                                          (77,446)             (62,885)
                                                                                    ----------           ----------
       Operating properties - net                                                      501,490              508,553
   Properties under construction:
     Land                                                                                2,083
      Buildings                                                                            248
   Undeveloped land held for investment                                                 19,227               21,150
   Undeveloped land held for sale                                                        7,881                9,131
Cash and temporary investments                                                          34,102               25,650
Accounts receivable, net of allowance for
   uncollectible rents of $245 and $391                                                  4,061                5,260
Cost in excess of fair value of net assets acquired from
   KPI, net of accumulated amortization of $473 and $345                                 2,083                2,211
Other assets                                                                            16,591                7,427
                                                                                    ----------          -----------
       TOTAL ASSETS                                                                   $587,766             $579,382
                                                                                      ========             ========

LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
   Mortgages and loans payable                                                        $249,925             $254,909
   Accounts payable                                                                      1,978                2,641
   Accrued interest                                                                        293                  206
   Accrued real estate taxes payable                                                     5,754                2,222
   Accrued liabilities - other                                                           6,158                5,133
   Advance rents and security deposits                                                   4,187                3,574
                                                                                   -----------          -----------
       Total Liabilities                                                               268,295              268,685
                                                                                     ---------            ---------

Commitments (Notes 6 and 9)                                                                  -                   -

Shareholders' Equity
   Common stock                                                                            206                  205
   Capital in excess of par value                                                      319,496              318,609
   Warrants                                                                              2,244                2,250
   Retained earnings                                                                    20,695               13,210
   Treasury stock, at cost                                                             (23,170)             (23,577)
                                                                                    ----------           ----------
       Total Shareholders' Equity                                                      319,471              310,697
                                                                                     ---------            ---------
       TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY                                     $587,766             $579,382
                                                                                      ========             ========
See Notes to Condensed Consolidated Financial Statements.
</TABLE>

                                        3

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<TABLE>
<CAPTION>


                                          KOGER EQUITY, INC. AND SUBSIDIARIES
                                    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited - See Independent Accountants' Report)
                                         (In thousands, except per share data)


                                                                    Three Month Period           Nine Month Period
                                                                    Ended September 30,          Ended September 30,
                                                                    -------------------          -------------------
                                                                    1996           1995          1996           1995
                                                                    ----           ----          ----           ----
REVENUES
<S>                                                                 <C>            <C>          <C>             <C>    
   Rental                                                           $24,515        $23,762      $72,660         $71,499
   Other rental services                                                 95            119          366             393
   Management fees ($0, $320, $0 and
      $2,201 from TKPL)                                               2,145          1,489        5,838           4,243
   Interest                                                             505         13,471        1,307          14,130
   Gain on TKPL note to Southeast                                        55          5,988          (21)          5,988
   Gain on early retirement of debt                                                    739                          886
                                                                   --------       --------     --------        --------
      Total                                                          27,315         45,568       80,150          97,139
                                                                   --------       --------     --------        --------

EXPENSES
   Property operations                                               10,930         10,774       31,194          30,323
   Depreciation and amortization                                      5,543          4,906       15,693          13,788
   Mortgage and loan interest                                         4,968          5,610       14,865          18,693
   General and administrative                                         1,235          2,142        4,103           5,762
   Direct cost of management fees                                     1,650          1,040        4,426           2,888
   Provision for loss on land held for sale                                            970                          970
   Undeveloped land costs                                               131            130          398             444
   Litigation costs                                                   (182)             83          371              83
   Loss on sale or disposition of assets                                29             185          452             188
   Other                                                                18             742           18             742
                                                                   --------       --------     --------        --------
      Total                                                         24,322          26,582       71,520          73,881
                                                                   --------       --------     --------        --------

INCOME BEFORE INCOME TAXES                                           2,993          18,986       8,630           23,258
Income taxes                                                           732               3       1,139               45
                                                                   --------       --------     --------        --------

NET INCOME                                                        $  2,261         $18,983     $ 7,491          $23,213
                                                                  ========         =======     =======          =======

EARNINGS PER COMMON SHARE AND
   COMMON EQUIVALENT SHARE:
      Primary                                                    $    0.12       $    1.05    $    0.40       $    1.30
                                                                 =========       =========    =========       =========
      Fully Diluted                                              $    0.12       $    1.04    $    0.40       $    1.29
                                                                 =========       =========    =========       =========

WEIGHTED AVERAGE COMMON SHARES AND
  COMMON EQUIVALENT SHARES OUTSTANDING:
      Primary                                                       18,961          18,157       18,741          17,916
                                                                  ========        ========     ========        ========
      Fully Diluted                                                 19,043          18,317       18,778          17,970
                                                                  ========        ========     ========        ========

See Notes to Condensed Consolidated Financial Statements.
</TABLE>



                                        4

<PAGE>

<TABLE>
<CAPTION>



                       KOGER EQUITY, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN
                              SHAREHOLDERS' EQUITY
                (Unaudited - See Independent Accountants' Report)
                                 (In thousands)



                                     Common Stock      Capital in                                                    Share-
                                              Par       Excess of                 Retained    Treasury Stock        holders'
                                   Shares     Value     Par Value     Warrants    Earnings   Shares      Cost        Equity
                                   ------     -----     ---------     --------    --------   ------      ----        ------
<S>                                <C>       <C>        <C>           <C>         <C>        <C>        <C>          <C>     
Balance, January 1, 1996           20,477      $205      $318,609      $2,250     $13,210     2,723     $(23,577)    $310,697
Treasury Stock Reissued                                       151                               (55)         454          605
Warrants Exercised                      2                      26          (6)                                             20
Stock Options Exercised                50         1           440                                 4          (47)         394
Stock Appreciation Rights
  Exercised                            23                     270                                                         270
Koger Realty Services, Inc.
  Dividends Paid                                                                       (6)                                 (6)
Net Income                                                                          7,491                               7,491
                                   ------      ----      --------      ------     -------     -----     --------     --------
Balance, September 30, 1996        20,552    $  206     $ 319,496     $  2,244    $ 20,695   2,672      $(23,170)    $319,471
                                   ======    ======     =========     ========    ========   =====      ========     ========

See Notes to Condensed Consolidated Financial Statements.

</TABLE>

                                        5

<PAGE>

<TABLE>
<CAPTION>


                                         KOGER EQUITY, INC. AND SUBSIDIARIES
                                   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                  (Unaudited - See Independent Accountants' Report)
                                                    (In thousands)
                                                                                             Nine Month Period
                                                                                            Ended September 30,
                                                                                            -------------------
                                                                                          1996               1995
                                                                                          ----               ----
OPERATING ACTIVITIES
<S>                                                                                     <C>                <C>    
    Net income                                                                          $  7,491           $23,213
    Adjustments to reconcile net income to net cash
     provided by operating activities:
       Depreciation and amortization                                                      15,693            13,788
       Provision for loss on land held for sale                                                                970
       Loss on sale or disposition of assets                                                 452               188
       Provision for litigation settlements                                                                     50
       Gain on TKPL unsecured note to Southeast                                               21            (5,988)
       Loss / (Gain) on early debt repayment                                                  18              (886)
       Accrued interest added to principal                                                   112               457
       Amortization of mortgage discounts                                                    132               131
       Provision for uncollectible rents                                                                       125
       Increase in accounts payable, accrued
         liabilities and other liabilities                                                 5,364             7,387
       Increase in receivables and other assets                                           (6,511)           (3,766)
       Increase in receivable from TKPL                                                                       (337)
                                                                                        --------          --------
         Net cash provided by operating activities                                        22,772            35,332
                                                                                        --------          --------
INVESTING ACTIVITIES
     Tenant improvements to existing properties                                           (4,353)           (5,986)
     Building improvements to existing properties                                         (2,030)           (2,158)
     Energy management improvements                                                       (1,764)           (1,309)
     Building construction expenditures                                                     (248)
     Deferred tenant costs                                                                (1,561)             (660)
     Additions to furniture and equipment                                                   (131)             (262)
     Purchase of TKPL mortgage notes                                                                       (18,192)
     Proceeds from TKPL mortgage notes                                                                      18,192
     Proceeds from TKPL unsecured note to Southeast                                                         12,400
     Proceeds from sale of assets                                                          1,266            25,252
     Cash acquired in purchase of assets from KPI                                                              308
                                                                                        --------          --------
             Net cash provided by (used in) investing activities                          (8,821)           27,585
                                                                                        --------          --------
FINANCING ACTIVITIES
     Proceeds from sale of stock under Stock Investment Plan                                 140               155
     Proceeds from exercise of warrants and stock options                                    312                 2
     Koger Realty Services, Inc.  dividends paid                                              (6)
     Principal payments on mortgages and loans                                           ( 5,245)          (67,492)
     Financing costs                                                                        (700)              (16)
                                                                                        --------          --------
          Net cash used in financing activities                                           (5,499)          (67,351)
                                                                                        --------          --------
Net increase (decrease) in cash and cash equivalents                                       8,452            (4,434)
Cash and cash equivalents - beginning of period                                           25,650            23,315
                                                                                        --------          --------
Cash and cash equivalents - end of period                                                $34,102           $18,881
                                                                                         =======           =======

SUPPLEMENTAL CASH FLOW INFORMATION
     Cash paid during the period for interest                                            $14,542           $18,909
                                                                                         =======           =======
     Cash paid during the period for income taxes                                       $  1,139        $       42
                                                                                        ========        ==========
See Notes to Condensed Consolidated Financial Statements.

</TABLE>

                                        6

<PAGE>



                       KOGER EQUITY, INC. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                      FOR THE THREE AND NINE MONTH PERIODS
                        ENDED SEPTEMBER 30, 1996 AND 1995
                (Unaudited - See Independent Accountants' Report)

       1. BASIS OF PRESENTATION. The condensed consolidated financial statements
include the accounts of Koger Equity,  Inc., its  wholly-owned  subsidiaries and
Koger Realty  Services,  Inc.  (the  "Company").  All  significant  intercompany
transactions have been eliminated.  The financial  statements have been prepared
in accordance  with the rules and  regulations  of the  Securities  and Exchange
Commission related to interim financial statements.

The financial  statements  should be read in conjunction  with the  consolidated
financial  statements  and notes  thereto for the year ended  December 31, 1995,
included in the Company's  Form 10-K Annual  Report for the year ended  December
31, 1995.  The balance  sheet at December  31,  1995,  has been derived from the
audited financial statements at that date and is condensed.

All  adjustments  of  a  normal  recurring  nature  which,  in  the  opinion  of
management,  are  necessary  to present a fair  statement of the results for the
interim periods have been made.  Results of operations for the nine month period
ended  September 30, 1996, are not  necessarily  indicative of the results to be
expected for the full year.

The  Company  adopted  Statement  of  Financial  Accounting  Standards  No. 121,
"Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to
be  Disposed  Of"  ("SFAS  121").  Adoption  of SFAS  121 had no  impact  on the
financial  statements  for the nine month period ended  September  30, 1996.  In
October  1995,  the Financial  Accounting  Standards  Board issued  Statement of
Financial   Accounting   Standards   No.  123,   "Accounting   for   Stock-Based
Compensation,"  ("SFAS 123") which will be effective  for the Company  beginning
January  1,  1996.  SFAS  123  requires  expanded   disclosures  of  stock-based
compensation  arrangements  with employees and encourages (but does not require)
compensation  cost  to be  measured  based  on the  fair  value  of  the  equity
instrument  awarded.  Companies  are  permitted,  however,  to continue to apply
Accounting  Principles  Board  Opinion  No.  25  ("APB  25"),  which  recognizes
compensation cost based on the intrinsic value of the equity instrument awarded.
The Company will continue to apply APB 25 to its stock based compensation awards
to employees  and will  disclose the required pro forma effect on net income and
earnings per share.

       2. ORGANIZATION.  Koger Equity, Inc. ("KE"), a Florida  corporation,  was
incorporated  in 1988 for the purpose of  investing  in the  ownership of income
producing  properties,  primarily  commercial  office  buildings.  KE is totally
self-administered and self-managed.

In  addition  to  managing  its own  properties,  KE,  through  certain  related
entities, provides property management services to third parties. In conjunction
with Koger Real Estate  Services,  Inc.  ("KRES"),  a Florida  corporation and a
wholly-owned  subsidiary of KE, KE manages 21 office  buildings owned by Centoff
Realty Company, Inc. ("Centoff"),  a subsidiary of Morgan Guaranty Trust Company
of New York.  More  significantly,  Koger  Realty  Services,  Inc.  ("KRSI"),  a
Delaware  corporation  and an  entity  in  which KE has a  significant  economic
interest,  manages 95 buildings  owned by Koala  Realty  Holding  Company,  Inc.
("Koala"),  an investment  entity for which J.P. Morgan  Investment  Management,
Inc. acts as the investment manager. KRSI was incorporated during 1995 to, among

                                        7

<PAGE>



other  things,  provide  leasing and property  management  services to owners of
commercial  office  buildings.  KE has purchased  all of the preferred  stock of
KRSI, which preferred stock represents at least 95 percent of the economic value
of KRSI.  Such  preferred  stock is non-voting  but is  convertible  into voting
common stock. Accordingly, KE has consolidated KRSI in the financial statements.

       3. FEDERAL INCOME TAXES.  KE is operated in a manner so as to qualify and
has elected tax  treatment as a real estate  investment  trust under the Code (a
"REIT"). As a REIT, KE is required to distribute annually at least 95 percent of
its REIT  taxable  income to its  shareholders.  Since,  KE had no REIT  taxable
income during 1995 and does not expect to have REIT taxable  income during 1996,
no provision has been made for Federal income taxes.  However, KE has recorded a
provision  of $180,000  for  alternative  minimum tax for the nine month  period
ended  September  30, 1996.  To the extent that KE pays  dividends  equal to 100
percent  of  REIT  taxable  income,  the  earnings  of KE are not  taxed  at the
corporate  level;  however,  under  existing loan covenants KE may be prohibited
from paying dividends in excess of amounts necessary to maintain its status as a
REIT.  See Note 8,  Dividends.  KRSI has  recorded a provision  of $627,500  for
Federal income tax for the nine month period ended September 30, 1996.

The Internal Revenue Service has completed its examination of the Company's 1992
and 1993 Federal income tax returns and the Koger Properties, Inc. ("KPI") final
Federal income tax return.  The Internal Revenue Service  submitted their Report
to the  Company  and  proposed  disallowing  certain  deductions  on KPI's final
Federal  income tax return,  the result of which reduced the net operating  loss
carryforwards  acquired from KPI from  approximately  $98 million to $30 million
and required the payment of  approximately  $173,000 of alternative  minimum tax
plus interest.  Management has accepted these adjustments to KPI's final Federal
income tax return.

       4.  STATEMENTS  OF CASH FLOWS.  Cash in excess of daily  requirements  is
invested in short-term monetary securities. Such temporary cash investments have
an original  maturity  date of less than three  months and are deemed to be cash
equivalents for purposes of the statements of cash flows.  During the nine month
period ended September 30, 1996, the Company contributed 43,804 shares of common
stock to the Company's  401(K) Plan.  These shares had a value of  approximately
$465,000  based  on the  closing  price  of the  Company's  common  stock on the
American Stock Exchange on December 31, 1995. During the nine month period ended
September 30, 1995,  the Company  contributed  122,441 shares of common stock to
the Company's 401(K) Plan.  These shares had a value of  approximately  $888,000
based on the closing price of the Company's stock on the American Stock Exchange
on December 30, 1994.

       5.  EARNINGS  PER  COMMON  SHARE.  Earnings  per  common  share have been
computed  based on the  weighted  average  number of shares of common  stock and
common stock equivalents outstanding during the applicable periods.

       6.  MORTGAGES AND LOANS  PAYABLE.  At September 30, 1996, the Company had
$249,925,000  of loans  outstanding,  which are  collateralized  by mortgages on
certain operating  properties.  The Company repaid approximately $2.2 million of
the outstanding balances of mortgages and loans payable during the quarter ended
September  30,  1996.  These early  repayments  resulted in the release of three
buildings, containing 86,740 net rentable square feet, which had been collateral
for these loans.


                                        8

<PAGE>



       On July 29, 1996, the Company signed a loan application with Northwestern
Mutual Life Insurance Company  ("Northwestern")  for a $190 million non-recourse
loan which will be secured by 10 office  parks.  This loan will be divided  into
(i) a tranche in the amount of $100.5  million  with a 10 year  maturity  and an
interest  rate of 8.25 percent and (ii) a tranche in the amount of $89.5 million
with a maturity of 12 years and an interest  rate of 8.33  percent.  In order to
set the  interest  rates  for this  loan on the date  the loan  application  was
signed,  the Company  transferred  $5.7 million to  Northwestern as a refundable
earnest money deposit.  This loan  application  was accepted by  Northwestern on
September 10, 1996.  Currently,  management expects to close on this loan during
the quarter ended December 31, 1996.

Annual  maturities for mortgages and loans payable,  which are gross of $748,000
of discounts, are as follows (in thousands):

    Year Ending December 31,
              1996                                       $    1,018
              1997                                           12,748
              1998                                           19,320
              1999                                            5,653
              2000                                           86,519
              Subsequent Years                              125,415
                                                          ---------
                    Total                                  $250,673

In addition to reporting and other  requirements,  the Company's debt agreements
contain provisions limiting the amount of annual dividends,  limiting additional
borrowings,  and limiting general and  administrative  expenses.  The Company is
also required to maintain certain financial ratios.

       7.  LEGAL  PROCEEDINGS.  Pursuant  to the merger of KPI with and into the
Company  during 1993,  the Company  agreed to indemnify  the former  non-officer
directors of KPI (the "Indemnified Persons") in respect of amounts to which such
Indemnified Persons would be otherwise entitled to indemnification under Florida
law, the articles of  incorporation or the by-laws of KPI arising out of acts or
omissions  prior to  September  25,  1991.  Certain of the  former  non-officers
directors of KPI are  defendants  in a Pension Plan class action suit (the "Roby
Case").  The  Company  has signed an  agreement  to settle the Roby Case and has
placed  in escrow  $100,000  for its  contribution  to such  settlement  for the
Indemnified Persons.

       8.  DIVIDENDS.  The terms of the secured debt of the Company provide that
the Company will be subject to certain dividend limitations which, however, will
not  restrict  the Company  from paying the  dividends  required  during 1996 to
maintain its  qualification  as a REIT.  In the event that the Company no longer
qualifies as a REIT,  additional  dividend  limitations  would be imposed by the
terms of such debt. In addition, two of the Company's bank lenders have required
that until the  Company  has raised an  aggregate  of $50  million of equity the
following  limitations on dividends  will be applied:  (a) in 1996 and 1997, $11
million  unless  imposition of the limit would cause loss of REIT status and (b)
in 1998 and 1999,  $11 million  regardless of impact on REIT status.  On October
10,  1996,  KE completed a private  placement of 3 million  shares of its common
stock to an  affiliate  of Apollo Real Estate  Investment  Fund II, L.P.  for an
aggregate sales price of $43.5 million.




                                        9

<PAGE>



       9.  COMMITMENTS.  The Company has entered  into an  agreement  (the "Loan
Agreement") with Wellspring  Resources,  L.L.C.  ("Wellspring")  to make certain
loans to  Wellspring  if, and only if,  such loans are  requested  in writing no
later than January 2, 1997.  The Loan  Agreement  provides  that the Company has
agreed to lend  approximately  $5.6 million (the "Primary  Loan") at an interest
rate of 11 percent per annum and approximately $4 million (the "Secondary Loan")
at an  interest  rate  of 14  percent  per  annum.  These  loans  may be used by
Wellspring for any purpose including, without limitation, tenant improvements to
the Gunti Building for which Wellspring has signed a lease. The Primary Loan and
the  Secondary  Loan  will  be  evidenced  by  separate  promissory  notes  from
Wellspring.  In addition,  State Street Bank and Trust  Company and Watson Wyatt
and  Company  will  each  deliver  an  irrevocable,  unconditional  guaranty  of
Wellspring's  obligations under the Loan Agreement.  These loans require monthly
payments of principal and interest with final repayment on October 14, 2006.

       10.  SUBSEQUENT  EVENTS.  On October  10,  1996,  KE  completed a private
placement of 3 million shares of its common stock to an affiliate of Apollo Real
Estate  Investment  Fund II, L.P. for an aggregate sales price of $43.5 million.
KE applied the proceeds from this sale to the repayment of indebtedness  with an
average interest rate of approximately 8 percent.

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations

The  following  discussion  should  be read in  conjunction  with the  condensed
consolidated  financial statements and related notes appearing elsewhere in this
Form 10-Q, and the Management's  Discussion and Analysis of Financial  Condition
and Results of Operations  included in the Company's  Annual Report on Form 10-K
for the period ended December 31, 1995.

RESULTS OF OPERATIONS.

Rental revenues  totalled  $24,515,000 for the quarter ended September 30, 1996,
compared to $23,762,000  for the quarter ended  September 30, 1995. The increase
in rental revenues resulted primarily from the increase in the Company's average
rental rate. The Company sold three buildings  (containing  233,980 net rentable
square  feet) on July 31,  1995.  The  effect of the  decrease  in the total net
rentable square feet owned by the Company was completely  offset by the increase
in the  Company's  average  rental rate.  At September  30, 1996,  the Company's
buildings  were on average  90 percent  leased  with an average  rental  rate of
$13.97.  Rental revenues  increased to $72,660,000  during the nine month period
ended  September 30, 1996,  compared to $71,499,000  during the same period last
year.  This increase  resulted  primarily from (i) the increase in the Company's
average  rental rate and (ii)  increases in the  revenues  from  operating  cost
escalations and other items passed through to tenants.

Management fee revenues totalled  $2,145,000 for the quarter ended September 30,
1996,  compared to  $1,489,000  for the quarter ended  September 30, 1995.  This
increase was due  primarily  to (i) an increase in fees earned for  construction
management  services,  (ii) an increase in fees  earned from the  management  of
buildings  sold by The Koger  Partnership,  Ltd.  ("TKPL") to Koala on August 1,
1995,  (iii) the  management  fees earned from the three  buildings  sold by the
Company to Koala,  and (iv) an  increase  in fees  earned  under the  management
contract with Centoff.  Management fee revenues  increased to $5,838,000  during
the nine month period ended  September 30, 1996,  compared to $4,243,000  during
the same period last year, primarily for the same reasons mentioned above.

                                       10

<PAGE>



Interest revenues decreased  $12,966,000 and $12,823,000  respectively,  for the
three and nine month  periods  ended  September  30, 1996,  compared to the same
periods last year,  due to the interest  revenue  earned during 1995 on the TKPL
mortgage notes which were retired by TKPL during 1995 ($13,068,000).

Property   operating   expenses  include  such  charges  as  utilities,   taxes,
janitorial, maintenance, provision for uncollectible rents and management costs.
The amounts of property operating expenses and their percentages of total rental
revenues for the applicable periods are as follows:

                                                                   Percent of
                                                                  Total Rental
                         Period                Amount               Revenues
         --------------------------------   --------------       ------------
         September 30, 1996 - Quarter       $10,930,000              44.4%
         September 30, 1995 - Quarter       $10,774,000              45.1%
         September 30, 1996 - Nine Months   $31,194,000              42.7%
         September 30, 1995 - Nine Months   $30,323,000              42.2%

Property operating expenses increased  primarily due to increases in maintenance
costs.

Depreciation  expense has been calculated on the straight line method based upon
the useful lives of the Company's  depreciable assets,  generally 3 to 40 years.
Depreciation  expense increased $818,000 and $2,186,000,  respectively,  for the
three and nine month  periods  ended  September  30, 1996,  compared to the same
periods last year, due to improvements made to the Company's existing properties
during 1995 and 1996.  Amortization  expense  decreased  $181,000 and  $281,000,
respectively,  for the three and nine month  periods  ended  September 30, 1996,
compared to the same  periods  last year,  due  primarily  to the  reduction  in
goodwill recorded during the quarter ended September 30, 1995.

Interest expense decreased by $642,000 and $3,828,000,  respectively, during the
three and nine month  periods  ended  September  30, 1996,  compared to the same
periods last year,  primarily  due to the  reduction  in the average  balance of
mortgages and loans payable.  At September 30, 1996, the weighted average annual
interest rate on the Company's outstanding debt was approximately 7.7 percent.

General and administrative  expenses for the three month periods ended September
30, 1996 and 1995,  totalled $1,235,000 and $2,142,000,  respectively,  which is
0.8 percent and 1.4 percent (annualized) of average invested assets. General and
administrative  expenses for the nine month periods ended September 30, 1996 and
1995, totalled $4,103,000 and $5,762,000, respectively, which is 0.9 percent and
1.3 percent  (annualized)  of average  invested  assets.  These  decreases  were
primarily due to (i) decreases in the accrual for  compensation  expense related
to stock  appreciation  rights granted in conjunction  with stock options,  (ii)
decreases in  professional  and legal fees incurred,  (iii) decreases in certain
insurance  expenses,  and  (iv)  decreases  in the  accrual  for  the  Company's
contribution to the 401(k) Plan.

Direct  costs  of  management   contracts  increased  $610,000  and  $1,538,000,
respectively, for the three and nine month periods ended June 30, 1996, compared
to the same  periods  last year,  due to  increased  costs  associated  with (i)
providing  property  management  services for all management  contracts and (ii)
providing construction management services.

                                       11

<PAGE>




During the quarter ended  September 30, 1996, the Company  demolished a building
containing  11,040 net  rentable  square feet because the building no longer met
the  Company's  investment  criteria.   The  Company  has  recorded  a  loss  on
disposition  of assets  which  totals  $468,000  due to the  demolition  of this
building.

Net income  totalled  $2,261,000  for the  quarter  ended  September  30,  1996,
compared to net income of $18,983,000 for the corresponding period of 1995. This
decrease is due primarily to (i) the interest  revenue earned during 1995 on the
TKPL  mortgage  notes  which were  retired by TKPL during 1995 and (ii) the gain
associated with the partial  repayment of a TKPL note to Southeast  during 1995.
Net income  decreased  $15,722,000  during the nine month period ended September
30, 1996,  compared to the same period last year, due to the same items detailed
above.

LIQUIDITY AND CAPITAL RESOURCES.

       Operating  Activities - During the nine months ended  September 30, 1996,
the Company  generated  approximately  $22.8 million in net cash from  operating
activities.  The  Company's  primary  internal  sources  of  cash  are  (i)  the
collection of rents from buildings  owned by the Company and (ii) the receipt of
management  fees paid to the Company in respect of properties  managed on behalf
of Koala,  Centoff, and others. As a REIT for Federal income tax purposes, KE is
required  to pay out  annually,  as  dividends,  95 percent of its REIT  taxable
income (which, due to non-cash charges, including depreciation and net operating
loss  carryforwards,  may be substantially less than cash flow). In the past, KE
has paid out  dividends  in amounts at least equal to its REIT  taxable  income.
However,  KE currently expects that it will not be required to pay any dividends
during 1996 to maintain  its REIT  status.  The Company  believes  that its cash
provided  by  operating  activities  will be  sufficient  to cover debt  service
payments through 1996.

The level of cash flow  generated by rents  depends  primarily on the  occupancy
rates of the  Company's  buildings  and  increases  in  rental  rates on new and
renewed leases and under escalation provisions in existing leases.

At September  30, 1996,  leases  representing  approximately  9.8 percent of the
gross annual rent from the Company's properties,  without regard to the exercise
of  options to renew,  were due to expire  during the  remainder  of 1996.  This
represents 368 leases for space in buildings  located in 16 of the 17 centers in
which the Company owns  buildings.  Certain of these tenants may not renew their
leases or may  reduce  their  demand for space.  During  the nine  months  ended
September  30,  1996,  leases were  renewed on  approximately  61 percent of the
Company's  net rentable  square feet which were  scheduled to expire  during the
nine month period.  For those leases which renewed  during the nine months ended
September 30, 1996,  the average  rental rate  increased  from $14.23 to $15.00.
Based upon the  significant  number of leases which will expire  during 1996 and
1997 and the  competition  for  tenants  in the  markets  in which  the  Company
operates, the Company has and expects to continue to offer incentives to certain
new and  renewal  tenants.  These  incentives  may include the payment of tenant
improvements  costs and in certain  markets  reduced rents during  initial lease
periods.  During 1994,  1995 and 1996, the Company has benefitted from improving
economic  conditions and reduced vacancy levels for office  buildings in many of
the metropolitan areas in which the Company owns buildings. The Company believes
that the  southeastern  and  southwestern  regions of the United States  provide
significant  economic growth potential due to their diverse regional  economies,


                                       12

<PAGE>



expanding  metropolitan  areas,  skilled  work force and  moderate  labor costs.
However,  the Company cannot predict whether such economic growth will continue.
Cash flow from  operations  could be  reduced  if  economic  growth  were not to
continue in the Company's  markets and if this resulted in lower occupancy rates
for the Company's buildings.

Governmental  tenants  (including  the State of Florida  and the  United  States
Government) which account for approximately 21.8 percent of the Company's leased
space at September  30, 1996,  may be subject to budget  reductions  in times of
recession and governmental  austerity  measures.  Consequently,  there can be no
assurance  that  governmental  appropriations  for  rents  may  not be  reduced.
Additionally,  certain of the private sector  tenants which have  contributed to
the  Company's  rent stream may reduce their current  demands,  or curtail their
future need, for additional office space.

       Investing  Activities - At September 30, 1996,  substantially  all of the
Company's invested assets were in real properties. Improvements to the Company's
existing properties have been financed through internal  operations.  During the
nine month period ended  September  30, 1996,  the  Company's  expenditures  for
improvements   to  existing   properties   decreased  by  $1,306,000   over  the
corresponding   period  of  the  prior  year  primarily  due  to  reductions  in
expenditures for tenant improvements,  which reductions were partially offset by
increased  expenditures  for energy  management  improvements  to the  Company's
buildings.

On  August  12,  1996,  the  Company  sold a 30  acre  land  parcel  located  in
Birmingham, Alabama for $1,350,000.

The Company has started the  construction  of two  buildings  which will contain
approximately 106,000 net rentable square feet. Expenditures for construction of
these two buildings are expected to total approximately $7.6 million,  excluding
land and tenant improvement costs.

The terms of the  Company's  existing  indebtedness  require that a  substantial
portion  of any debt or equity  financing  achieved  by the  Company  during the
foreseeable   future  be  applied  to  the  reduction  of  the  current  secured
indebtedness of the Company and contain  limitations on incurrence of additional
debt and other restrictions.

       Financing Activities - The Company has no open lines of credit, but has a
cash balance at September 30, 1996 of $34,102,000. During the three months ended
September  30,  1996,  the  Company  repaid  approximately  $2.2  million of the
outstanding  balances of mortgages  and loans  payable.  These early  repayments
resulted  in the  release of three  buildings,  containing  86,740 net  rentable
square feet,  which had been  collateral for these loans. At September 30, 1996,
the Company had 89 buildings,  containing  2,602,970  net rentable  square feet,
which were unencumbered.

Loan  maturities  and normal  amortization  of mortgages  and loans  payable are
expected  to total  approximately  $12.6  million  over the next 12 months.  The
Company  believes  that these  obligations  will be paid from cash  provided  by
operations  or  from  current  cash  balances.  Significant  maturities  of  the
Company's  mortgages  and loans  payable do not begin to occur  until  1998.  On
August 22, 1994, the Company filed a shelf  registration  statement with respect
to the possible  issuance of up to $100,000,000  of its common and/or  preferred
stock.



                                       13

<PAGE>



On October 10, 1996, KE completed a private placement of 3 million shares of its
common stock to an affiliate of Apollo Real Estate  Investment Fund II, L.P. for
an aggregate  sales price of $43.5  million.  KE applied the proceeds  from this
sale  to the  repayment  of  indebtedness  with  an  average  interest  rate  of
approximately 8 percent.

The Company is currently  implementing  its plan to refinance or restructure the
Company's existing debt in order to eliminate certain restrictive covenants.  To
assist in implementing the debt refinancing, the Company has engaged J.P. Morgan
and Company as its financial adviser. Currently,  management expects to complete
the  refinancing  during the quarter ended  December 31, 1996. On July 29, 1996,
the Company signed a loan  application with  Northwestern  Mutual Life Insurance
Company  ("Northwestern")  for a $190  million  non-recourse  loan which will be
secured by 10 office parks.  This loan will be divided into (i) a tranche in the
amount of $100.5  million with a 10 year  maturity and an interest  rate of 8.25
percent and (ii) a tranche in the amount of $89.5  million with a maturity of 12
years and an interest rate of 8.33 percent.  In order to set the interest  rates
for  this  loan on the  date  the  loan  application  was  signed,  the  Company
transferred $5.7 million to Northwestern as a refundable  earnest money deposit.
The loan  application  was accepted by  Northwestern on September 10, 1996. This
represents  the  Company's  first step in its plan to  refinance  the  Company's
existing debt in order to eliminate certain  restrictive  covenants.  Currently,
management  expects to close on this loan during the quarter ended  December 31,
1996.

                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings

       None.
























                                       14

<PAGE>



Item 5.  Other Information

(a)      The following table sets forth,  with respect to the Company's  centers
         at September 30, 1996,  number of buildings,  net rentable square feet,
         percentage  leased, and the average annual rent per net rentable square
         foot leased.

<TABLE>
<CAPTION>
                                                                                                          Average
                                                                 Net                                       Annual
                                          Number               Rentable                                   Rent Per
                                            of                  Square               Percent               Square
Koger  Center                            Buildings               Feet               Leased(1)               Foot (2)
-------------                            ---------            ----------           ----------            -----------
<S>                                        <C>                <C>                     <C>                  <C>   
Atlanta Chamblee                            22                  947,920                91%                 $14.27
Austin                                      12                  370,860                98%                  16.76
Charlotte Carmel                             1                  109,600               100%                  15.17
Charlotte East                              11                  468,820                77%                  13.08
El Paso                                     14                  251,930                95%                  14.08
Greensboro South                            13                  610,470                93%                  13.69
Greenville                                   8                  290,560                95%                  14.24
Jacksonville Baymeadows                      4                  468,000               100%                  15.58
Jacksonville Central (3)                    31                  666,500                89%                  11.54
Memphis Germantown                           3                  258,400                99%                  17.27
Orlando Central                             22                  565,220                90%                  14.36
Orlando University                           2                  159,600                98%                  16.49
San Antonio                                 26                  788,670                91%                  12.18
St. Petersburg                              15                  519,320                96%                  12.99
Tallahassee Apal. Pkwy                      14                  408,500                82%                  15.93
Tallahassee Cap. Circle                      4                  300,700                73%                  17.33
Tulsa                                       13                  476,280                81%                  10.37
                                         -----               ----------

   TOTAL                                   215                7,661,350                90%                 $13.97
                                          ====                =========              =====                 ======
</TABLE>


(1)      The percent  leased rates have been  calculated  by dividing  total net
         rentable  square  feet  leased in an office  building  by net  rentable
         square feet in such building, which excludes public or common areas.

(2)      Rental rates are computed by dividing (a) total  annualized rents for a
         center as of  September  30, 1996 by (b) the net  rentable  square feet
         applicable to such total annualized rents.

(3)      The Company has  demolished a building  containing  11,040 net rentable
         square feet. This building has been removed from this table.







                                       15

<PAGE>



(b)      The  following  schedule  sets  forth for all of the  Company's  office
         buildings  (i) the  number of  leases  which  will  expire  during  the
         remainder of calender  year 1996 and calendar  years 1997 through 2004,
         (ii) the total net rentable area in square feet covered by such leases,
         (iii) the percentage of total net rentable  square feet  represented by
         such  leases,  (iv) the  average  annual  rent per square foot for such
         leases,  (v) the current annual rental  represented by such leases, and
         (vi) the percentage of gross annual rental  contributed by such leases.
         This  information  is based on the  buildings  owned by the  Company on
         September 30, 1996 and on the terms of leases in effect as of September
         30,  1996,  on the basis of then  existing  base  rentals,  and without
         regard  to  the  exercise  of  options  to  renew.   Furthermore,   the
         information below does not reflect that some leases have provisions for
         early  termination  for  various  reasons,  including,  in the  case of
         government entities, lack of budget appropriations. Leases were renewed
         on  approximately  61 percent of the Company's net rentable square feet
         which were  scheduled  to expire  during the nine  month  period  ended
         September 30, 1996.

<TABLE>
<CAPTION>

                                              Percentage of           Average                               Percentage
                                               Total Square         Annual Rent                              of Total
                Number of      Number of       Feet Leased           per Square         Total Annual        Annual Rents
                 Leases       Square Feet     Represented by         Foot Under         Rents Under        Represented by
Period          Expiring       Expiring       Expiring Leases     Expiring Leases     Expiring Leases     Expiring Leases
------     ------------- ---------------    ---------------     ---------------     ---------------     ---------------
<S>              <C>           <C>                <C>                 <C>               <C>                  <C>   
1996               368           701,478           10.1%              $13.55            $ 9,505,450            9.8%
1997               964         1,645,344           23.7%               13.96             22,974,963           23.7%
1998               534         1,531,899           22.1%               13.61             20,844,969           21.5%
1999               389         1,103,734           15.9%               13.57             14,980,607           15.4%
2000               120           620,907            8.9%               14.88              9,241,983            9.5%
2001                86           774,042           11.1%               15.02             11,625,431           12.0%
2002                13           168,976            2.4%               13.15              2,222,307            2.3%
2003                13           108,623            1.6%               13.80              1,499,030            1.5%
2004                 3            74,069            1.1%               14.28              1,057,466            1.1%
OTHER                9           212,261            3.1%               14.37              3,050,883            3.2%
              --------        ----------        --------                              -------------        --------

  TOTAL          2,499         6,941,333          100.0%              $13.97            $97,003,089          100.0%
                 =====         =========          ======              ======            ===========          ======



</TABLE>



                                       16

<PAGE>



(c)    The Company  believes  that Funds from  Operations  is one measure of the
       performance  of an  equity  real  estate  investment  trust.  Funds  from
       Operations should not be considered as an alternative to net income as an
       indication of the Company's  financial  performance  or to cash flow from
       operating  activities  (determined in accordance with generally  accepted
       accounting principles) as a measure of the Company's liquidity, nor is it
       necessarily  indicative  of  sufficient  cash  flow  to  fund  all of the
       Company's  needs.  Funds from  Operations  is  calculated  as follows (in
       thousands):


<TABLE>
<CAPTION>

                                                          Three Month Period                      Nine Month Period
                                                          Ended September 30,                     Ended September 30,
                                                          --------------------                   --------------------
                                                        1996              1995                     1996        1995
                                                        ----              ----                     ----        ----
<S>                                                   <C>               <C>                      <C>          <C>    
Net Income                                            $ 2,261           $18,983                  $ 7,491      $23,213
Depreciation - real estate                              5,156             4,350                   14,534       12,396
Amortization - deferred tenant costs                      227               193                      661          472
Amortization - goodwill                                    43               148                      128          473
Litigation costs                                         (182)               83                      371           83
Loss on sale or disposition of assets                      29               185                      452          188
Provision for loss on land held for sale                                    970                                   970
Gain on TKPL note to Southeast                            (55)           (5,988)                      21       (5,988)
Loss / (Gain) on early retirement of debt                  18              (739)                      18         (886)
                                                      -------           -------                 --------      -------
       Funds from Operations                          $ 7,497           $18,185                  $23,676      $30,921
                                                      =======           =======                  =======      =======
</TABLE>

The 1995 calculated  Funds from Operations  includes $13,068 of interest revenue
associated  with the TKPL mortgage  notes which KE acquired  during 1995.  These
mortgage notes were retired by TKPL during 1995.




                                       17

<PAGE>



Item 6.  Exhibits and Reports on Form 8-K

       (a)    Exhibits


               Exhibit
               Number          Description
               ------          -----------

               4(b)(1)(D)      Third Amendment to Rights Agreement,  dated as of
                               October 10, 1996, between Koger Equity,  Inc. and
                               First Union  National Bank of North  Carolina,  a
                               national  association.  Incorporated by reference
                               to  Exhibit  6  to  Amendment   to   Registration
                               Statement on Form 8-A/A of  Registrant  (File No.
                               1-9997).

               10(y)(1)        Employment  Agreement between Koger Equity,  Inc.
                               and Victor A.  Hughes,  Jr.  effective as of June
                               21, 1996.

               10(y)(2)        Employment  Agreement between Koger Equity,  Inc.
                               and  James C.  Teagle,  effective  as of June 21,
                               1996.

               10(z)           Registration   Rights  Agreement,   dated  as  of
                               October 10, 1996, between Koger Equity,  Inc. and
                               AP-KEI   Holdings,   LLC,  a   Delaware   limited
                               liability  company.  Incorporated by reference to
                               Exhibit A of the Stock Purchase Agreement,  dated
                               as of October 10,  1996,  between  Koger  Equity,
                               Inc. and AP-KEI Holdings, LLC. which is Exhibit 7
                               to  Amendment to  Registration  Statement on Form
                               8-A/A (File No. 1-9997).

               10(aa)          Stock Purchase Agreement, dated as of October 10,
                               1996,  between  Koger  Equity,  Inc.  and  AP-KEI
                               Holdings,   LLC,  a  Delaware  limited  liability
                               company.  Incorporated  by reference to Exhibit 7
                               to  Amendment to  Registration  Statement on Form
                               8-A/A of Registrant (File No. 1-9997).

               10(ab)          Consulting Agreement,  dated as of June 21, 1996,
                               between Koger Equity, Inc. and Irvin H. Davis.

               10(ac)          Consulting Agreement, dated as of March 14, 1996,
                               between Koger Equity, Inc. and David B. Hiley.

               11              Earnings Per Share Computations.

               15              Letter   re:    Unaudited    interim    financial
                               information.

               27              Financial Data Schedule.

       (b)    Reports on Form 8-K

              On August 16, 1996,  the Company filed a Form 8-K reporting  under
              Item 5, Other  Events,  that the Company had issued a News Release
              and providing under Item 7, Financial  Statements and Exhibits,  a
              copy of the Koger  Equity,  Inc.  News  Release,  dated August 16,
              1996.

              On August 22, 1996, the Company filed a Form 8-K/A reporting under
              Item 5, Other Events, that (i) the Company had amended its By-Laws
              and  (ii)  the  Company  had  issued  its   Quarterly   Report  to
              Shareholders, and providing under Item 7, Financial Statements and
              Exhibits, a copy of (i) Koger Equity, Inc. By-Laws, as Amended and
              Restated on August 21, 1996 and (ii) Koger Equity,  Inc. Quarterly
              Report to Shareholders for the quarter ended June 30, 1996.


                                       18

<PAGE>




                                   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.




                                   KOGER EQUITY, INC.
                                   Registrant





                                   (VICTOR A.  HUGHES, JR.)
                                   ------------------------
                                    VICTOR A. HUGHES, JR.
                                    CHAIRMAN OF THE BOARD AND
                                    CHIEF EXECUTIVE OFFICER

Dated: November 6, 1996


                                   (JAMES L.  STEPHENS)
                                   --------------------
                                    JAMES L. STEPHENS
                                    VICE PRESIDENT AND
                                    CHIEF ACCOUNTING OFFICER


                                       19