CHARLOTTE, N.C., Jan. 7 /PRNewswire/ -- Boddie-Noell Properties, Inc.
(Amex: BNP) announced today the tax characteristics of its 1999 dividends.
We are releasing this information to aid those required to distribute Form
1099s on our dividends.  This release is based on the results of work on our
tax filings.  No material change in these classifications is expected.


                                            Cash     Taxable
    Declaration       Record    Payable Distribution Ordinary  Return of
       Date           Date        Date   Per Share   Dividend  Capital

    01/21/1999    02/01/1999  02/15/1999   $0.31     50.31%     49.69%
    04/20/1999    05/03/1999  05/18/1999   $0.31     50.31%     49.69%
    07/20/1999    08/02/1999  08/17/1999   $0.31     50.31%     49.69%
    10/20/1999    11/01/1999  11/16/1999   $0.31     50.31%     49.69%

                   Totals                  $1.24     50.31%     49.69%

    Boddie-Noell Properties, Inc. is a self-administered, self-managed real
estate investment trust that owns fifteen apartment communities containing
3,440 units.  We also own 44 restaurant properties, which are leased to a
third-party operator on a triple-net lease basis.
    You may request information via e-mail to our investor relations
department at investor.relations@bnproperties.com or via telephone at
(704) 944-0100.

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