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

Golf Trust of America Inc. Announces 23% FFO Growth in 1998 Charleston, SC, February 8, 1999 -- Golf Trust of America, Inc. (AMEX:GTA) a self-administered real estate investment trust, today reported funds from operations (FFO) of $29.8 million, or $2.28 per share for the year ended December 31, 1998, a 23% increase from $16.4 million, or $1.85 per share in the prior year. Revenues increased 117% to $44.4 million for the year ended December 31, 1998, from $20.5 million for the same period last year. Same-store revenues increased 6.6% for the year ended December 31, 1998, same-store rounds played increased 3.6%, and same store revenues per round increased 7.1%. Eighteen of 45 GTA courses contributed percentage rents for the year ended December 31, 1998. GTA declared distribution to shareholders of $1.76 for the year ended December 31, 1998, reducing its payout ratio from 89% of FFO for the prior year to 77% of FFO this year. For the fourth quarter ended December 31, 1998, FFO amounted to $7.9 million, or $0.61 per share, compared to $5.3 million or $0.50 per share for a year earlier, representing an increase of 22%. Total revenues for the quarter ended December 31, 1998 increased 97% to $13.0 million from $6.6 million for the same quarter last year. Sixteen of 45 GTA courses contributed percentage rents for the quarter ended December 31, 1998. For the fourth quarter ended December 31, 1998, same-store revenues increased 4.3% and same-store rounds increased 4.0%, while average revenues per round were up slightly compared with the same period in 1997. Same store rounds and revenues are computed for the courses in which GTA had an interest since September 1, 1997. 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. All information for the year ended December 31, 1997 is based on the actual results of operations from February 12, 1997 to December 31, 1997, and pro forma results of operations for January 1, 1997 to February 11, 1997. For the fiscal year 1998, Golf Trust of America, Inc. acquired 22 golf courses (18-hole equivalent) in 17 transactions for a total of $221 million. In addition, GTA added ten new strategic partners and Lessees. The acquisitions consisted of the following: Bonaventure Golf Courses, Ft. Lauderdale, Florida. 36-hole facility leased by Emerald Dunes Golf Group, the premier golf operator in South Florida. Acquired January 1, 1998 for $24.5 million. Mystic Creek Golf Club, Dearborn, Michigan. 27-hole upscale facility leased by Total Golf Inc. Acquired January 16, 1998 for $10 million. Emerald Dunes Golf Course, West Palm Beach, Florida. 18-hole facility leased by Emerald Dunes Golf Group. Ranked #63 in Golf Magazine's 1996 "Top 100 You Can Play in the US." Acquired February 1, 1998 for $22.4 million. Sandpiper Golf Course, Santa Barbara, California. 18-hole facility listed in Golf Digest's top 75 upscale golf courses in the United States. Transaction formed strategic alliance with Environmental Golf, a leading operator and builder of golf courses throughout the United States. Acquired March 6, 1998 for $36.5 million. Persimmon Ridge Country Club, Louisville, Kentucky. 18-hole upscale facility rated as 4th best course in Kentucky for each of the last three years by Golf Digest. Leased to Granite Golf Group, a leading golf operator and another strategic partner of GTA. Acquired March 9, 1998 for $7.5 million. Eagle Ridge Inn and Resort, Galena Illinois. 63-hole destination golf resort. Golf Digest: "Best New Resort Course / South Course"; Golf Magazine: "Top 10 Best New Courses / The General Course"; Golf Magazine: "Top 100 Resorts in the World". Third transaction with Troon and Starwood, two more GTA strategic partners. Acquired May 22, 1998 for $47.0 million. Tierra Del Sol Golf Club, Albuquerque, New Mexico. Upscale 18-hole golf course purchased in a sale/leaseback, enhancing GTA's multiple independent lessee structure. Acquired May 29, 1998 for $3.6 million. Silverthorn Country Club, Brooksville, Florida. 18-hole upscale, private golf facility. Further strengthened GTA's clustering presence in the Tampa/Tarpon Springs area, which now includes seven courses. Leased by Granite Golf Group. Acquired June 15, 1998 for $4.7 million. Polo Trace Golf and Country Club, Delray Beach, Florida. Upscale, 18-hole facility, leased by Emerald Dunes Golf Group. Continued strengthening of South Florida market with fourth golf course. Acquired July 10, 1998 for $12.3 million. Ohio Prestwick Country Club, Akron, Ohio. Top private course in the Akron market, leased by lessee of GTA's Raintree Golf Club, representing the top private and public courses in the Akron area. Acquired July 17, 1998 for $6.4 million. Osage National Golf Club, Lake of the Ozarks, Missouri. 27-hole facility rated by Golf Digest's "Places To Play" as one of only four, four-star public courses in the state of Missouri. Leased to the prior owner and acquired August 31, 1998 for $11.2 million. Wekiva Golf Club and Sweetwater Country Club, Orlando, Florida. Wekiva, a semi-private course, and Sweetwater, a private club are two upscale, 18-hole facilities, located within two miles of each other, effectively giving the market a 36-hole complex under one management. Leased by a new strategic partner, Diamond Players Club, a professional golf management company. Acquired September 15, 1998 for $11.4 million. Cypress Creek Country Club, Boynton Beach Florida. Upscale, 18- hole semi-private facility, leased by Emerald Dunes Golf Group. Fifth course owned by GTA in the South Florida market solidifying a cluster of properties in one of the most attractive geographic regions of the United States. Acquired September 18, 1998 for $4.2 million. Cooks Creek Golf Course, Columbus, Ohio. Upscale, 18-hole public facility designed by John Cook of the PGA tour. Leased by John's father, Jim Cook as another strategic alliance. Acquired October 13, 1998 for $6.1 million. Brentwood Golf and Country Club, Detroit, Michigan. Upscale, 18-hole facility leased to Total Golf, Inc., lessee of GTA's Mystic Creek Golf Club. Reinforced GTA's position in the strong suburban Detroit market. Acquired December 15, 1998 for $7.0 million. Palm Desert Country Club, Palm Desert, California. 27-hole semi-private golf course that concluded the acquisitions for 1998. GTA's first transaction in a very strong Palm Springs market, continued to strengthen the multiple independent lessee structure. Acquired December 22, 1998 for $5.8 million. Commenting on the acquisitions and the 1998 course portfolio performance, W. Bradley Blair, II, President and CEO of Golf Trust of America, said, "1998 was a banner year for GTA, thanks to the hard work of our management team from acquisitions and property management, and the commitment of our lessees and strategic partners. The portfolio value and the partnerships created last year, along with the interest of the upscale golf course owner in the consolidation of the golf course industry, has set the stage for the continued success of Golf Trust of America in 1999." As of December 31, 1998, the Company had an interest in a total of 45 courses. Since its initial acquisition of ten courses in February 1997, GTA has acquired interests in 35 (18-hole equivalent) courses, for a total investment in excess of $345.0 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.

Golf Trust of America, Inc. 1998 Financial Summary (in thousands, except per share) Income Statement For the year ended Dec 31, 1998 For the year ended Dec 31, 1997 (Unaudited) (Pro forma) (1) Base rent revenue $ 34,805 $ 15,872 Participating rent revenue 900 280 Mortgage Interest $ 8,679 $ 4,318 Total revenue $ 44,383 $ 20,470 Net income before minority interest $ 17,736 $ 12,799 Depreciation and amortization for real estate assets $ 11,667 $ 3,580 Loss on sale of assets $ (370) $ - Funds from operations $ 29,773 $ 16,379 FFO per weighted average share and OP units - diluted $ 2.28 $ 1.85 Weighted average number of common shares and OP units outstanding 13,052 8,842 Distribution declared per share $ 1.76 $ 1.64 FFO payout ratio - diluted 77% 89% $ Net income (2) 10,606 $ 5,969 Net income per share - diluted $ 1.34 $ 1.29 Weighted average number of common shares - diluted 7,905 4,626   (1) Th epro forma results for the year ended December 31, 1997 is based on the actual results of operations from February 12, 1997 to December 31, 1997 and pro forma results of operations for January 1, 1997 to February 11, 1997. (2) The results for the year ended December 31, 1997 atr actual.

Golf Trust of America, Inc. 4th Quarter 1998 Financial Summary (in thousands, except per share) Income Statement For the three months ended Dec 31, 1998 For the three months ended Dec 31, 1997 (Unaudited) (Unaudited) Base rent revenue $ 10,544 $ 4,510 Participating rent revenue 229 26 Mortgage Interest $ 2,204 $ 2,086 Total revenue $ 12,977 $ 6,622 Net income before minority interest $ 3,561 $ 4,257 Depreciation and amortization for real estate assets $ 4,305 $ 1,071 Loss on sale of assets $ - $ - Funds from operations $ 7,866 $ 5,328 FFO per weighted average share and OP units - diluted $ 0.61 $ 0.50 Weighted average number of common shares and OP units outstanding 12,934 10,713 Distribution declared per share $ 0.44 $ 0.41 FFO payout ratio - diluted 72% 82% $ Net income 2,107 $ 2,346 Net income per share - diluted $ 0.27 $ 0.39 Weighted average number of common shares - diluted 7,743 6,064

Golf Trust of America, Inc. Balance Sheet (in thousands) Dec 31, 1998 Dec 31, 1997 (Unaudited) Net Investment in Golf Courses $ 323,463 $ 101,044 Net Investment in Golf Courses 72,252 65,129 Total Assets $ 411,960 $ 186,306 Mortgages and Notes Payable $ 210,634 $ 4,325 Total Liabilities 225,267 7,354 Stockholders' Equity and Minority Interest 186,693 178,952 Total Liabilities and Stockholders' Equity $ 411,960 $ 186,306