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

Golf Trust of America, Inc. Reports 5.0% Increase In FFO Per Share For First Quarter 2000 Charleston, SC, May 14, 2000 -- Golf Trust of America, Inc. (AMEX:GTA), a self-administered real estate investment trust, today reported a 5.0% increase in funds from operations (FFO) available to common stockholders and operating partnership (OP) unit holders of $8.7 million, or $0.67 per share for the quarter compared to FFO of $8.3 million, or $0.64 per share for the first quarter of 1999. Revenues increased 8.3% to $14.4 million for the quarter ended March 31, 2000, from $13.3 million for the same period last year. Same-store rounds played were flat for the quarter ended March 31, 2000, while same-store revenues and revenues per round both decreased 3%. GTA declared a distribution to shareholders of $.44 for the quarter ended March 31, 2000, reducing its payout ratio from 69% of FFO for the first quarter of 1999 to 68% of FFO for the first quarter of 2000. 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. Commenting on course portfolio performance, W. Bradley Blair, II, President and CEO of Golf Trust of America, said, "Mild weather in the Midwest brought about significant increases in rounds and revenues for our courses located in Ohio, Michigan and Illinois. Mitigating these positive results was an unusually intense snowstorm, which hit our North Carolina, South Carolina and Virginia golf courses during the later part of January.” Blair added, “Overall, our portfolio’s geographic diversification is the stronger statement, since we were able to handle these weather extremes with moderate fluctuations in performance.” As of March 31, 2000, the Company has acquired interests in 37 (18-hole equivalent) courses, added to its initial acquisition of ten courses in February 1997, for a total of 47 (18-hole equivalent) courses with a total investment basis of approximately $500 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 own 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.