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

GOLF TRUST ANNOUNCES FIRST QUARTER 2001 FILING DATE, SPECIAL MEETING OF STOCKHOLDERS AND 2000 ANNUAL REPORT DISTRIBUTION CHARLESTON, SC, (May 3, 2001) -- Golf Trust of America, Inc. (AMEX:GTA) today announced that the Company will file its first quarter report on form 10Q with the Securities and Exchange Commission on May 15, 2001. A separate earnings release will not be issued. As previously announced, Golf Trust of America will hold a special meeting of stockholders at 10:00 a.m. on May 22, 2001 to vote on the plan of liquidation, as submitted by special proxy to stockholders of record as of April 6, 2001. Stockholders should read the proxy statement carefully because it contains important information, and submit their votes in a timely manner to ensure receipt prior to the recorded vote on May 22, 2001. The special meeting of stockholders will be held at The Charleston Place Hotel, located at 205 Meeting Street, Charleston, South Carolina. Commenting on the special meeting, W. Bradley Blair, II, president and chief executive officer, stated, “It is imperative that we have full participation of our stockholders and receive their votes prior to or at our special meeting on May 22.” The plan of liquidation, unanimously approved by Golf Trust’s board of directors, will not become effective unless the holders of at least two-thirds of the Company’s outstanding common stock vote in favor of it. Separately, Golf Trust of America’s 2000 Annual Report has been forwarded to the Company’s transfer agent, Mellon Investor Services, for distribution to stockholders of record as of April 16, 2001. A copy of the Company’s 2000 Annual Report may also be obtained, without cost, by calling the corporate office at 843-723-4653, or in writing to Golf Trust of America, 14 N. Adgers Wharf, Charleston, SC 29401. Additional information, including a printable version of the 2000 Annual Report and an archive of all corporate press releases, is available over the Company’s website at www.golftrust.com. Golf Trust of America, Inc. is a self-administered real estate investment trust involved in the ownership of high-quality golf courses in the United States. The Company currently owns an interest in 38.5 (eighteen-hole equivalent) courses. # # # 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.