Industry News | March 24, 2000

Boddie-Noell Buys Shares of Common Stock

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Boddie-Noell Properties, Inc. (Amex: BNP - news) announced December 17 that as of the close of the market on December 15, 1999, it has purchased and retired a total of 202,844 shares of its common stock on the open market at an average price of $9.30. These shares were purchased pursuant to a repurchase program put in place in December 1998, which authorized the repurchase of up to 300,000 shares. The 202,844 shares purchased to date represents approximately 3.4% of the shares outstanding on December 31, 1998, and approximately 2.7% of the total shares and UpREIT units outstanding on the same date.

Boddie-Noell previously announced that it had purchased 56,500 shares as of the close of the market on November 1, 1999. Since November 1, the company has purchased an additional 146,344 shares under this repurchase program. As of December 15, 1999, the company has 5,804,106 shares of common stock and 7,519,799 total shares and UpREIT units outstanding.

More information may be obtained by calling Boddie-Noell Corporate Offices at (704) 944-0100; visiting their website at www.bnproperties.com; or email the companyÕs investor relations department at investor.relations@bnproperties.com.