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

Golf Trust of America, Inc. Announces First Quarter 1999 Operations Funds from Operation Per Share Grow 18.5% Charleston, SC, May 4, 1999 -- Golf Trust of America, Inc. (AMEX:GTA) a self-administered real estate investment trust (REIT), today reported first quarter Funds from Operations (FFO) of $8.3 million, or $0.64 per share, on revenues of $13.3 million compared to FFO of $6.9 million, or $.54 per share, on revenues of $8.9 million for 1998. As of March 31, 1999, the Company had an interest in a total of 45 eighteen-hole equivalents compared to 28 courses at March 31, 1998. Since its initial acquisition of ten courses in February 1997, GTA has acquired interests in 35 (eighteen-hole equivalents) golf courses with a total investment in excess of $345.0 million. For the first quarter of 1999, same store revenues increased 6% and average revenues per round increased 4%, while total rounds played at GTA golf courses increased 2% over the same period in 1998. Same store rounds and revenues are computed for courses owned for the full quarter in 1998 and 1999. Brad Blair, President and CEO, stated, "We are pleased with several significant achievements taken since the beginning of 1999 which we believe will positively impact our future and continue to fuel our growth. These include the modification to our Credit Facility with Bank of America which increased the facility from $125 million to $200 million (with the opportunity to increase the facility to $225 million), with a three year term, and the addition of a one year $25 million revolving credit facility with Bank of America. GTA also completed a $20 million private placement of convertible preferred equity securities with AEW Targeted Securities Fund, L.P. (AEW), an investment partnership managed by AEW Capital Management, L.P. The net proceeds from the sale of 800,000 shares of Series A Convertible Preferred Stock to AEW were used to pay down existing company debt. Our financial results in the first quarter continue to demonstrate the solid performance of our golf course portfolio and the strength of our strategic partners. GTA continues to see a wide array of opportunities in the golf sector in part due to GTA's unique structure and upscale focus." Golf Trust of America's Annual Shareholder Meeting was held on Monday, May 3, 1999 in Charleston, South Carolina. As previously reported on March 15, 1999, the Company's Board of Directors declared a first quarter dividend distribution of $0.44 per share of common stock for the quarter ended March 31, 1999 paid on April 15, 1999 to shareholders of record on March 31, 1999. 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 if to acquire high quality golf courses and lease them to qualified third party lessees, including affiliates of the sellers. The Company currently has interest in 45 courses throughout the United States including the following states: Alabama, California, Florida, Georgia, Illinois, Kansas, Kentucky, Michigan, Missouri, Nebraska, New Mexico, North Carolina, Ohio, South Carolina, Texas and Virginia. 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, as amended on Form 10-K dated March 31, 1999. Financial tables to follow.

Golf Trust of America, Inc. Balance Sheet (in thousands) (unaudited) Mar. 31, 1999   Dec. 31, 1998 Net Investment in Golf Courses $ 321,663 $ 201,131 Mortgage Notes Receivable $ 72,503 $ 66,466 Total Assets $ 420,788 $ 276,118 Mortgages and Notes Payable $ 217,541 $ 86,474 Total Liabilities $ 236,728 $ 89,311 Stockholders’ Equity and Minority Interest $ 184,060 $ 186,807 Total Liabilities and Stockholders’ Equity $ 420,788 $ 276,118

Golf Trust of America, Inc. First Quarter 1999 Financial Sumary (in thousands, except per share data) For the Three Months Ended March 31,  Income Statement 1999 (Unaudited)   1999 (Unaudited) Base rent revenue $ 11,030 $ 6,429 Participating rent revenue $ - $ 365 Mortgage Interest $ 2,293 $ 2,126 Total revenue $ 13,323 $ 8,920 Net income before minority interest $ 4,256 $ 5,099 Depreciation and amortization for real estate assets $ 4,011 $ 1,821 Funds from operations $ 8,267 $ 6,920 FFO per weighted average share – diluted $ .64 $ 0.54 Weighted average number of common shares and OP units outstanding 13,011 12,830 Distribution declared per share $ .44 $ 0.41 FFO payout ratio –diluted 71% 76% Net income $ 2,712 $ 3,081 Net income per share – diluted $ .35 $ 0.39 Weighted average number of common shares – diluted 7,725 $ 7,825

Golf Trust of America, Inc. Consolidated Income Statement (unaudited) Actual 1999 1st Qtr Actual 1998 1st Qtr Revenues        Minimum Rents 10,364 6,194   Straight Line Rents - Eagle Ridge 73     Capital Reserve Requirements 593 235   Reserve for Percentage Rents       Percentage Rents 365       Mortgage Interest Income 2,047 1,794   Participating interest     Straight line interest 246 332 $ 13,323 $ 8,920     Expenses        Depreciation 4,011 1,821   Amortization of loan fees 170 130   Compensation expense for stock grants 120 153   General and administrative 1,221 873   Interest Expense 3,678 916   Interest Income -133 -72   Loss on sale of assets         Sub-Total Expenses  $ 9,067 $ 3,821     Net Income before Minority Interest  $ 4,256 $ 5,099       Minority Interest 1,544 2,018     Net income  2,712 3,081     Net income per share - Basic $ 0.353 $ 0.404 Net income per share - Diluted $ 0.351 $ 0.394     Funds from Operations  $ 8,267 $ 6,920   Less capital expenditure reserve -593 -235   Less straight line rents -246 -332 Funds available for Distribution  $ 7,428 $ 6,353       FFO per weighted average share  $ 0.635 $ 0.539   FAD per weighted average share  $ 0.571 $ 0.495       Weighted Average Shares Outstanding            Common shares 7,680 7,632   OP units 5,286 5,005   Stock equivalents 45 193   Weighted Avg # of shares 13,011 12,830       Weighted Average Common Shares   Outstanding  7,725 7,826

Golf Trust of America, Inc. Shares and OP Units Outstanding 1st Quarter 1999 Unaudited% 1st Quarter 1998 Unaudited% Weighted Average   Common 7,680,168 59% 7,631,694 59.5%   Stock Equivalents 44,333 0.3% 193,407 1.5% 7,724,501 7,825,101   OP Units 5,286,218 40.6% 5,004,411 39.0% 13,010,719 100.0% 12,829,512 100.0% Actual Outstanding   Common 7,724,956 59.4% 7,631,694 60.0%   OP Units 5,280,938 40.6% 5,094,619 40.0% 13,005,894 100.0% 12,726,313 100.0%