| Golf Trust of America, Inc. Announces Sale of Lost Oaks Golf Course
CHARLESTON, SC, January 17, 2003 - Golf Trust of America, Inc. (AMEX:GTA), a real estate investment trust, announced today that, on January 13, 2003, it closed on the sale of Lost Oaks Golf Course for total consideration of $2.3 million to H & M Investments of Clearwater, Inc., a Florida corporation. Lost Oaks Golf Course is an 18-hole golf course located in Palm Harbor, Florida.
Golf Trust of America, Inc. is a real estate investment trust engaged in the liquidation of its interests in golf courses in the United States pursuant to a plan of liquidation approved by its stockholders. The Company currently owns an interest in eight properties (15.0 eighteen-hole equivalent golf courses). Additional information, including an archive of all corporate press releases, is available over the Company's website at www.golftrust.com.
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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.
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