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| Boddie-Noell Properties, Inc. Changes Name to BNP Residential Properties, Inc. |
CHARLOTTE, N.C., April 24 /PRNewswire/ -- Boddie-Noell Properties, Inc. (Amex: BNP) announced that effective today, April 24, 2000, the company has changed its name to BNP Residential Properties, Inc. The company will continue to be traded on the American Stock Exchange under the symbol "BNP." BNP Residential Properties is a publicly traded real estate investment trust headquartered in Charlotte, North Carolina. Its principal line of business is the ownership and operation of apartment communities. At its inception in 1987, the company was known as Boddie-Noell Restaurant Properties and its business was limited to the ownership of 47 restaurant properties that were leased to and operated by Boddie-Noell Enterprises, a privately held operator of restaurant properties headquartered in Rocky Mount, North Carolina. In 1993, the company changed its focus to apartment properties. Today, the company owns 15 apartment communities, 44 restaurant properties, and manages 4 additional apartment communities for third-party owners. In 1999, apartment operations accounted for 87% of total revenue. The company has approximately 133 employees, all of whom are engaged in apartment operations. The company's restaurant properties are leased, on a triple net lease basis, to Boddie-Noell Enterprises, who is fully responsible for all aspects of the operation of the properties as restaurants. Enterprises is best known as the largest franchise operator of Hardee's restaurants. At present, Enterprises operates approximately 330 restaurants as Hardee's, including the 44 properties it leases from the company. BNP and Enterprises are not affiliated. BNP is merely the landlord for some of Enterprises' restaurant properties. Scott Wilkerson, President, stated, "There has been considerable confusion among the investment community and the press as to who we are and what we do. The primary purpose of this change was for us to have a name that more clearly reflects our business activities -- the ownership and operation of apartment communities. We also sought to eliminate the similarity of our name to that of Boddie-Noell Enterprises. We believe that changing our name to BNP Residential Properties, Inc., accomplishes these objectives." More information may be obtained by calling the company's Corporate Offices at (704) 944-0100 or on the Internet through the company website at http://www.bnproperties.com . Information requests may be e-mailed to the investor relations department at investor.relations@bnproperties.com .SOURCE BNP Residential Properties, Inc.
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CONTACT:
Philip S. Payne, Executive Vice President and
CFO of BNP Residential Properties, Inc., 704-944-0100
