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GOLDEN CORRAL REALTY CORPORATION SHAREHOLDERS APPROVE PROPERTY ACQUISITION, NAME CHANGE, CORPORATE CHANGES

 GOLDEN CORRAL REALTY CORPORATION SHAREHOLDERS APPROVE
 PROPERTY ACQUISITION, NAME CHANGE, CORPORATE CHANGES
 RALEIGH, N.C., June 17 /PRNewswire/ -- Golden Corral Realty Corporation (NASDAQ: GCRA) announced that at its annual meeting today its shareholders voted to approve the acquisition of a group of restaurant properties from affiliates of CNL Group, Inc., together with certain related transactions and changes to its charter and bylaws. The shareholders also voted to approve a stock option plan and to elect directors.
 According to Edward Clark, President of Golden Corral Realty Corporation, the shareholders voted to approve the acquisiton of 15 fast-food restaurant properties subject to triple-net leases in return for shares of Golden Corral Realty Corporation common stock valued at $10 per share. The exact number of shares to be issued will be equal to the value of the properties as of the date the transaction closes, net of any debt secured by the properties. Clark indicated that a minimum of approximately 282,000 shares and a maximum of approximately 422,000 shares will be issued. It is currently anticipated that the transaction will close on July 2, 1992.
 In connection with the transaction, management of the company will be assumed by CNL Realty Advisors, Inc., an affiliate of CNL Group, Inc.
 According to Clark, the shareholders also voted to approve certain changes in Golden Corral Realty Corporation's charter and bylaws, including a change in the company's name to CNL Realty Investors, Inc. and in its investment policies and objectives intended to permit diversification of the company's investments in triple-net leased properties.
 The company's shareholders also elected a new Board of Directors, including Edward Clark and Ted B. Lanier, who are currently directors, along with James M. Seneff, Jr. and Robert A. Bourne, the principals of CNL Group, Inc. and Willoughby T. Cox, Jr., an independent real estate investor.
 The Board of Directors declared a quarterly dividend of $.27 per share on June 17, 1992, payable Aug. 14, 1992 to stockholders of record on July 31, 1992.
 Golden Corral Realty Corporation is an equity real estate investment trust that currently invests solely in properties leased to Golden Corral Corporation for use as Golden Corral restaurants. Its executive offices, currently located in Raleigh, N.C., are to be moved to Orlando, Fla., after the closing.
 CNL Group, Inc. is a privately held diversified real estate investment company headquartered in Orlando, Fla. Through its affiliates it is the largest provider, in terms of dollar volume, of sale-leaseback financing to the restuarant industry, according to Restaurant Finance Monitor, an industry newsletter. CNL purchases properties of national and regional fast-food and family-style restaurant chains, including Burger King, Denny's Restaurants, Golden Corral Family Steakhouse Restaurants, Jack in the Box, KFC, Pizza Hut, Shoney's, Taco Bell and Wendy's. CNL is affiliated with approximately 90 public and private real estate limited partnerships, two property management companies, two registered investment advisors and a registered broker-dealer. CNL and its affiliated entities currently manage in excess of $600 million of assets located in 37 states, according to James M. Seneff, Jr., Chairman of CNL.
 -0- 6/17/92
 /CONTACT: Edward Clark, President, Golden Corral Realty Corporation, 919-781-9310/
 (GCRA) CO: Golden Corral Realty Corporation; CNL Group, Inc. ST: North Carolina, Florida IN: LEI SU: TNM RCN PER DIV


CM -- CH010 -- 1188 06/17/92 15:40 EDT
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Date:Jun 17, 1992
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