| Golf Trust of America, Inc. Authorizes Share Repurchase
Charleston, SC, December 15, 1999 – Golf Trust of America, Inc. (AMEX:GTA), today announced that its Board of Directors has authorized a program to repurchase up to one million shares of its common stock.
The repurchases will be made on the open market or in block purchase transactions. The timing of any repurchases and the number of shares repurchased pursuant to the stock repurchase program will depend upon market conditions and corporate requirements.
W. Bradley Blair, II, President and Chief Executive Officer, stated, "The current market environment and the market price of GTA's common stock creates an opportunity to benefit shareholders by repurchasing shares at a discount to book value. Repurchasing shares at these levels is expected to increase our book value and be accretive to earnings. We will continue to devote capital to implementing GTA's business strategy, repurchasing shares, or both, depending on the relative value to shareholders."
Golf Trust of America, Inc. is a self-administered real estate investment trust involved in the acquisition and ownership of high-quality golf courses in the United States. GTA currently owns an interest in 47 (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 statement 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/A dated March 31, 1999.
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