Golf Trust of America, Inc. Announces Final Tax Status of 2000 Distributions.

Business Editors

CHARLESTON, S.C.--(BUSINESS WIRE)--Feb. 23, 2001

Golf Trust of America, Inc. (AMEX:GTA) a self-administered real estate investment trust, today reported the final tax status of its 2000 distributions made to shareholders.

The classification of the distributions is as follows:

                    Distributions  Ordinary                  Long-Term

             Dates      Per         Taxable     Return of     Capital

Security     Paid      Shares      Dividends     Capital       Gain
----------------------------------------------------------------------
Class A
Common    04/15/00   $  0.44         $0.428       $0.012         0%
          07/15/00   $  0.44         $0.428       $0.012         0%
          10/15/00   $  0.44         $0.428       $0.012         0%


                    Distributions  Ordinary                  Long-Term
             Dates      Per         Taxable     Return of     Capital
Security     Paid      Shares      Dividends     Capital       Gain
----------------------------------------------------------------------
Series A
Preferred 04/15/00   $0.578125       $0.564125    $0.014         0%
          07/15/00   $0.578125       $0.564125    $0.014         0%
          10/15/00   $0.578125       $0.564125    $0.014         0%

Registered shareholders of Golf Trust of America, Inc. stock at anytime during the year will receive an Internal Revenue Service Form 1099-DIV from ChaseMellon Shareholders Services, LLC, the Company's dividend paying agent. The form will report the gross dividends paid and the portions that are designated as capital gains and return of capital. If shares were held in "street name" during 2000, the IRS form will be provided by a bank, brokerage firm, or nominee. The information set forth above will be necessary in order to properly complete Form 1099s on the Company's dividends. State taxation of REIT distributions vary, and may not be the same as federal rules. Because federal and state tax laws affect individuals differently, the Company cannot advise shareholders on how distributions should be reported on their tax returns.

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.