Golf Trust of America, Inc.
(AMEX: GTA)

Golf Trust of America, Inc. Reports Fourth Quarter Operations Charleston, SC, February 3, 1997 - Golf Trust of America, Inc. (AMEX:GTA) a self-administered real estate investment trust, today reported fourth quarter Funds from Operations (FFO) of $5.3 million or $0.50 per share, on revenues of $6.6 million compared to pro forma FFO of $3.2 million, or $.40 per share, on revenue of $3.7 million for the prior year's pro forma fourth quarter results. The 25% increase in FFO per share is primarily due to acquisitions during the year. The prior year pro forma is based on the assumptions set forth in the Company's original prospectus dated February 7, 1997. In the fourth quarter of 1997, GTA purchased five courses totaling approximately $24 million. As of December 31, 1997, the total number of courses the Company has an interest in was twenty-two. Since the initial acquisition of ten courses in February 1997, GTA has acquired interests in twelve golf courses for total consideration of approximately $125 million. For the fourth quarter, same store revenues increased 6% and average revenues per round increased 9%, while rounds played at GTA golf courses decreased 3% over the same period in the prior year. Same store rounds and revenues are computed excluding fourth quarter acquisitions and the Innisbrook courses which are structured under a participating mortgage. For the year ended December 31, 1997, pro forma FFO was $16.3 million, or $1.85 per share, on revenue of $20.5 million compared to pro forma FFO of $11.1 million, or $1.44 per share, on pro forma revenue of $13.1 million for the prior year. The 28% increase in FFO per share is due to the positive impact of acquisitions made during the year. The 1997 results are based on the actual results of operations from February 12 through December 31, 1997 and pro forma results of operations for January 1 through February 11, 1997. For the year ended December 31, 1997, same store revenues increased 5% and average revenues per round increased 3%, while rounds played at GTA golf courses increased 3% over the same period in the prior year for eight of the initial ten courses acquired (this excludes the Virginia courses which opened in June and August 1996). Year to date percentage rents approximate 2.4% of the actual base rent paid for eight of the initial ten courses acquired. As previously reported on January 26, 1998, the company's board of directors declared a fourth quarter dividend distribution of $0.41 per share of common stock for the quarter ended December 31, 1997 payable on February 19, 1998 to shareholders of record on February 5, 1998. Golf Trust of America, Inc. with headquarters in Charleston, SC, is a self-administered real estate investment trust (REIT) formed to capitalize on the consolidation opportunities in the ownership of golf courses in the United States. The business strategy of the company is to acquire high quality golf courses and lease them to qualified third party operators, including affiliates of the sellers. The company currently has an interest in 25 courses in Florida (8), South Carolina (6), Georgia, (2), Virginia (2), Alabama, Kansas, Michigan, Nebraska, North Carolina, Ohio and Texas. Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors including general economic conditions, competition for golf course acquisitions, the availability of equity and debt financing, interest rates and other risk factors as outlined in the Company's SEC reports, including the prospectus dated November 4, 1997 and the annual report on Form 10-K dated March 31, 1997.