EXHIBIT 12.1

Golf Trust of America, Inc.  Calculation of Earnings to Combined Fixed Charges and Preferred Stock Dividends  December 31, 2001

|                                                                       |                        | 2001 (1) |        | 2000    |        | 1999   |        | 1998   |       | Period from
February 12
(Inception) through
December 1997
|---------------------------------------------------------------------- | ---------------------- | -------- | ------ | ------- | ------ | ------ | ------ | ------ | ----- | ---------------------------------------------------------
|Pre-tax (Loss) Income before Minority Interest and Preferred Dividends |                        | (35,223  | )      | (49,991 | )      | 18,257 |        | 17,736 |       | 11,767                                                   
|Fixed Charges                                                          |                        |          |        |         |        |        |        |        |       |                                                          
|                                                                       | Loan Cost Amortization |          | 1,849  |         | 1,321  |        | 958    |        | 588   |                                                          
|                                                                       | Interest Expense       |          | 14,742 |         | 18,816 |        | 15,603 |        | 9,673 |                                                          
|                                                                       |                        |          |        |         |        |        |        |        |       |                                                          
|Total Fixed Charges Before Preferred Dividends                         |                        | 16,591   |        | 20,137  |        | 16,561 |        | 10,261 |       | 2,159                                                    
|Preferred Dividends                                                    |                        | 1,850    |        | 1,850   |        | 1,382  |        |       |       |                                                         
|                                                                       |                        |          |        |         |        |        |        |        |       |                                                          
|                                                                       |                        | 18,441   |        | 21,987  |        | 17,943 |        | 10,261 |       | 2,159                                                    
|                                                                       |                        |          |        |         |        |        |        |        |       |                                                          
|Total (Loss) Earnings                                                  |                        | (18,632  | )      | (29,854 | )      | 34,818 |        | 27,997 |       | 13,926                                                   
|                                                                       |                        |          |        |         |        |        |        |        |       |                                                          
|Ratio of Earnings to Combined Fixed Chgs                               |                        | (1.01    | )      | (1.36   | )      | 1.94   |        | 2.73   |       | 6.45                                                     
|                                                                       |                        |          |        |         |        |        |        |        |       |                                                          

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