| BNP Residential Properties, Inc. (BNP), a real estate investment trust (REIT), engages in the ownership and operation of apartment communities in North Carolina, South Carolina, and Virginia. As of July 19, 2004, BNP owned and operated 23 apartment communities containing approximately 5,671 apartments and provided third-party management services for 7 apartment communities containing approximately 1,799 apartments. In addition, it owns 40 restaurant properties that are leased on a triple-net basis to a restaurant operator. As a REIT, the company would not be subject to federal or state income taxes on net income it distributes to its shareholders. BNP was incorporated in 1987 and was formerly known as Boddie-Noell Enterprises. It changed its name to BNP Residential Properties, Inc. in 2000. The company is headquartered in Charlotte, North Carolina. |
