Golf Trust Updates Projected Range of Liquidating Distributions.

Business Editors

CHARLESTON, S.C.--(BUSINESS WIRE)--April 1, 2002

Golf Trust of America, Inc. (AMEX: GTA) today announced that based on an updated analysis by its financial advisors, Golf Trust currently estimates that its common stockholders will ultimately receive between $6.01 and $9.43 per share in liquidating distributions.

Golf Trust currently expects that its first liquidating distribution to common stockholders will be paid shortly after Golf Trust liquidates its final asset, which will likely be at least 12 months and possibly 24 months or more from today. These projected payments are lower and later than Golf Trust's original estimates from April 2001.

"All of our golf course dispositions to date, considered in the aggregate, have been within our originally estimated sales price range," explained Golf Trust's president W. Bradley Blair, II. "However, we currently expect to fall short of the originally projected distribution range as a result of the numerous lease and mortgage payment defaults we have experienced over the past 12 months. We have also experienced falling revenues from direct golf course operations, particularly during the latter half of 2001 as the economy worsened and travel and consumer leisure spending declined following the September 11 attacks. Moreover, in light of the `buyer's market' which is developing for golf course assets nationwide, we have reduced our estimates of the proceeds we will receive from our remaining assets."

Golf Trust also announced that based on its current projections, it does not expect to qualify as a REIT for its taxable year ending December 31, 2002 and expects to be subject to federal income tax in 2002 as a result. However, Golf Trust does not expect to report any taxable income in 2002, particularly in light of its net operating loss carryforwards from 2001, and thus does not expect its loss of REIT status to have a material effect on its liquidating distributions.

The above projections regarding the amount and timing of Golf Trust's liquidating distributions, asset sales and tax liabilities are forward-looking statements. They are based on numerous estimates and assumptions which might be proven to be incorrect. The actual amount and timing of Golf Trust's liquidating distributions, asset sales and tax liabilities could vary materially from the projections in this news release. Important factors that could cause such a variance are discussed in Item 7 of Golf Trust's annual report on Form 10-K under the caption "Risks that might Delay or Reduce our Liquidating Distributions," which was filed today with the Securities and Exchange Commission and is available for free on the SEC's web site. Stockholders of the company are encouraged to read the entire Form 10-K carefully.

Golf Trust of America, Inc. is a real estate investment trust engaged in a 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 21 (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.

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.