CHARLOTTE, N.C., Jan. 14 /PRNewswire/ -- Boddie-Noell Properties, Inc.
(Amex: BNP) announced today the tax characteristics of its 1998 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

    01/13/1998    01/30/1998    02/16/1998    $0.31    55.16%    44.84%
    04/15/1998    05/01/1998    05/15/1998    $0.31    55.16%    44.84%
    07/21/1998    07/31/1998    08/17/1998    $0.31    55.16%    44.84%
    10/15/1998    10/30/1998    11/16/1998    $0.31    55.16%    44.84%

                                Totals        $1.24    55.16%    44.84%


    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 47 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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