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

Golf Trust of America, Inc. Announces 15.4% Growth in FFO and 25.7% Growth in Revenues for 1999 Charleston, SC, February 9, 2000 - Golf Trust of America, Inc. (AMEX:GTA), a self-administered real estate investment trust, today reported funds from operations (FFO) of $34.1 million, or $2.63 per share for the year ended December 31, 1999, a 15.4% increase from $29.8 million, or $2.28 per share in the prior year. Revenues increased 25.7% to $55.8 million for the year ended December 31, 1999, from $44.4 million for the same period last year. Same-store revenues increased 3.0% for the year ended December 31, 1999, while same-store rounds played were flat, and same-store revenues per round increased 4.0%. GTA declared distribution to shareholders of $1.76 for the year ended December 31, 1999, reducing its payout ratio from 77% of FFO for the prior year to 67% of FFO this year. All FFO per share amounts reported include common stock and common stock equivalents (diluted) as well as operating partnership (OP) units convertible into common stock. For the fourth quarter ended December 31, 1999, FFO equaled $9.0 million, or $0.70 per share, compared to $7.9 million or $0.61 per share for a year earlier, representing an increase of 14.75%. Total revenues for the quarter ended December 31, 1999, increased 12.7% to $14.6 million from $13 million for the same quarter last year. Also in the fourth quarter, same-store revenues increased 4.0%, while same-store rounds increased 1.0%, and same-store revenues per round were up 3.0% compared with the same period in 1998. Same-store rounds and revenues are computed for the courses in which GTA has had an interest since October 1, 1998. Commenting on course portfolio performance, W. Bradley Blair, II, President and CEO of Golf Trust of America, said, "1999 was another year of solid returns for Golf Trust. In light of the overall constraints in the REIT sector, I feel extremely pleased with the results Golf Trust has achieved and our underlying performance at the course level." 1999 Highlights include: Revenues increased 25.7% to $55.8 million for the year ended December 31, 1999, from $44.4 million for the same period last year. Same-store revenues increased 3% for the year ended December 31, 1999 and same-store revenues per round increased 4%. GTA declared distribution to shareholders of $1.76 for the year ended December 31, 1999, reducing its payout ratio from 77% of FFO for the prior year to 67% of FFO this year. On May 11, 1999, GTA acquired Metamora Golf & Country Club in Metamora, Michigan (45 minutes northeast of Detroit), for $5.9 Million, an 18-hole public facility, leased by Total Golf, Inc. On July 28, 1999, GTA acquired the highly acclaimed Pete Dye Golf Club in Bridgeport, West Virginia for $10 Million, an 18-hole private club facility, leased by Golf Course Leasing, LLC. GTA Board of Directors Adopted a Shareholder Rights Plan and authorized a plan for the repurchase of up to one million shares of common stock. GTA Lessee Association approved the continued affiliation with Preferred Vendors, Club Car, John Deere, Lesco, The Toro Company, OM Scotts, Rainbird, and the addition of ePayNet Solutions, a national insurance and employee leasing company. As of December 31, 1999, the Company had an interest in a total of 47 courses, located in 16 states. Since its initial acquisition of ten courses in February 1997, GTA has acquired interests in 37 (18-hole equivalent) courses, for a total investment in excess of $360 million. Golf Trust of America, Inc. with headquarters in Charleston, South Carolina, is a self-administered REIT formed to capitalize on the consolidation opportunities in the ownership of golf courses in the United States. The Company's business strategy is to acquire high quality golf courses and lease them to qualified third party operators, including affiliates of the sellers. 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, 1998.