Golf Trust of America, Inc. Announces Tax Status of 1998 Distributions

Golf Trust of America, Inc. Announces Tax Status of 1998 Distributions

CHARLESTON, S.C.–(BUSINESS WIRE)–Feb. 17, 1999–Golf Trust of America, Inc. (AMEX:GTA) a self-administered real estate investment trust, today reported the tax status of its 1998 distributions made to shareholders. The classification of the distributions is as follows: -0-

Payable Distributions Ordinary Taxable Return of Long-Term

Dates Per Share Dividends Capital Capital Gain

02/19/98 $0.41 $0.39 $0.02 0%

05/18/98 $0.41 $0.39 $0.02 0%

07/15/98 $0.44 $0.42 $0.02 0%

10/15/98 $0.44 $0.42 $0.02 0%

12/14/98 $0.44 $0.41 $0.03 0%

TOTALS $2.14 $2.03 $0.11 0%

Registered shareholders of Golf Trust of America, Inc. common stock at anytime during the year will receive an Internal Revenue Service Form 1099-DIV from ChaseMellon Shareholder 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 1998, 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, including the prospectus dated November 4, 1997 and the annual report on Form 10-K dated March 31, 1998.

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