2008-11-17 22:32:01 -

Golf Trust of America, Inc. (AMEX:http://cts.businesswire.com/ct/CT"id=smartlink&url=http%3A%2F%2Ffinance.yahoo.com%2Fq%3Fs%3Dgta%26d%3Dt&esheet=5833274&lan=en_US&anchor=GTA&index=1 - cts.businesswire.com/ct/CT"id=smartlink&url=http%3A%2F%2Fbiz ..) announced today that its Board of Directors authorized the repurchase of up to $500,000 in shares of the Company's common stock.
"During this period of extreme market volatility, our strong balance sheet and surplus liquidity allow us to enhance shareholder value by opportunistically retiring shares," said Mike Pearce, Chairman and Chief Executive

Officer.
Stock repurchases under this authorization may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate. The timing and actual number of shares repurchased will depend on a variety of factors, including price, cash balances, general business and market conditions, the dilutive effects of share-based incentive plans, alternative investment opportunities, and working capital needs. The stock repurchase authorization does not have an expiration date and may be limited or terminated at any time without prior notice. The purchases will be funded from available cash balances and repurchased shares will be returned to the status of authorized but unissued shares of common stock.
Golf Trust of America, Inc. was formerly a real estate investment trust. From May 22, 2001 to November 8, 2007, the Company was engaged in the liquidation of its interests in golf courses in the United States pursuant to a plan of liquidation approved by its stockholders. Additional information, including an archive of all corporate press releases, is available on the Company"s website at cts.businesswire.com/ct/CT"id=smartlink&url=http%3A%2F%2Fwww ...
The Company wishes to caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. The Company also wishes to advise readers that the factors listed above and other factors could affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
The Company does not undertake, and specifically declines any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


Golf Trust of America, Inc.

Michael C. Pearce, President and Chief Executive Officer

843-723-4653