CHARLOTTE, N.C., May 24 /PRNewswire/ -- Boddie-Noell Properties, Inc.
(Amex: BNP) is pleased to announce that Stephen R. Blank has joined the Board
of Directors effective May 20, 1999.  Mr. Blank is currently a Senior Fellow
in Finance for the Urban Land Institute, as well as an Adjunct Professor of
Real Estate for Columbia University's Executive MBA Program.  He previously
held the title of Managing Director, Real Estate Investment Banking for such
firms as Kidder, Peabody & Co., Cushman & Wakefield, Inc., and most recently
at CIBC Oppenheimer Corp., the underwriter of our secondary stock offering in
December 1997.  Mr. Blank currently serves as a director of Cavanaughs
Hospitality Corporation, Ramco-Gershenson Properties Trust, Atlantic Realty
Trust, and Echelon International.
    Scott Wilkerson, President and CEO stated, "We are excited to have Steve
join us in our efforts to grow the company.  In addition to offering extensive
real estate experience, he brings the perspective of the public markets to the
Board."
    Boddie-Noell Properties, Inc. is a real estate investment trust focused on
owning and operating apartment communities.  We own and operate fifteen
apartment communities containing a total of 3,440 apartments.  We also have
the right to acquire an additional apartment community containing 108 units,
which is currently under construction.  BNP Management, Inc., an
unconsolidated subsidiary, provides third-party management services for four
apartment communities, containing a total of 891 apartments, and one shopping
center.  In addition to our apartment properties, we own 47 restaurant
properties, which are leased on a triple net basis to a restaurant operator.
We, along with our management subsidiary, operate in the states of North
Carolina and Virginia.
    More information may be obtained by calling our Corporate Offices at
(704) 944-0100 or on the Internet through our website at
http://www.bnproperties.com .  You may also e-mail information requests to our
investor relations department at investor.relations@bnproperties.com .

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