<PAGE>

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                             ----------------------

                                   FORM 10-K/A

                        FOR ANNUAL AND TRANSITION REPORTS
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934
(Mark One)

/x/      Annual report pursuant to section 13 or 15(d) of the Securities
         Exchange Act of 1934 for the fiscal year ended

                                December 31, 1999

/ /      Transition report pursuant to section 13 or 15(d) of the Securities
         Exchange Act of 1934 for the transition period from ________ to
         ________.

                           GOLF TRUST OF AMERICA, INC.
         -------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


         Maryland                                           33-0724736
 ---------------------------                        --------------------------
(State or Other Jurisdiction                             (I.R.S. Employer
      of Incorporation)                                Identification Number)

                  14 North Adger's Wharf, Charleston, SC 29401
              ----------------------------------------------------
               (Address of principal executive offices) (Zip Code)

                                 (843) 723-4653
              ----------------------------------------------------
              (Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

       Title of each class         Name Of Each Exchange On Which Registered
       -------------------         -----------------------------------------
  Common Stock, $0.01 par value             American Stock Exchange
 Preferred Stock Purchase Rights            American Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:  None.

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. Yes /x/ No / /


<PAGE>

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. / /

On March 22, 2000 there were 8,118,147 common shares outstanding of the
registrant's only class of common stock. Based on the March 22, 2000 closing
price of $17.938 per share, the aggregate market value of the voting stock held
by nonaffiliates of the registrant was $145,623,320.89. On March 22, 2000, there
were 800,000 shares outstanding of the registrant's 9.25% Series A Cumulative
Convertible Preferred Stock which is the registrant's only class of preferred
stock.

                       DOCUMENTS INCORPORATED BY REFERENCE

Certain portions of the Registrant's definitive Proxy Statement, to be filed
with the Securities and Exchange Commission pursuant to Regulation 14A not later
than 120 days after the close of the Registrant's 1999 fiscal year, are
incorporated by reference in Part III of this Form 10-K; and certain exhibits to
the Company's prior reports on Forms 10-Q and 8-K, Registration Statements of
Employee Stock Purchase Plan and Employee Stock Option Plans on Forms S-8 (nos.
333-46659 and 333-46657), and Registration Statements on Form S-11 (nos.
333-15965 and 333-36847) are incorporated by reference in Part IV hereof.

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                                EXPLANATORY NOTE


This amendment is filed to correct a column alignment error caused by our filing
agent in the conversion to the Edgar format on one of the Company's financial
statements included in the original filing. Only the corrected financial
statement is included herein. Because the column alignment error appeared only
in the original Edgar filing and not in the actual financial statements on which
the filing was based, the corrected financial statement included herein is
covered by the report of BDO Seidman LLP dated February 4, 2000 and their
related consent, each which was included in the original filing.

In addition, the cover page of GTA's original 10K filing incorrectly
indicated that disclosure of delinquent filers pursuant to Item 405 of
Regulation 5-K was not contained therein. Such disclosure was included in the
original filing as required.

<PAGE>

                           GOLF TRUST OF AMERICA, INC.
                 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
                                 (IN THOUSANDS)
<TABLE>
<CAPTION>
                                                                                                   ACCUMULATED
                                                                                                     EARNINGS
                                                                                                  (DIVIDENDS IN   UNEARNED
                                             PREFERRED SHARES       COMMON STOCK       ADDITIONAL   EXCESS OF    RESTRICTED
                                                                                        PAID-IN    ACCUMULATED     STOCK
                                           SHARES      AMOUNT    SHARES       AMOUNT    CAPITAL     EARNINGS)   COMPENSATION
                                           ---------------------------------------------------------------------------------
<S>                                        <C>        <C>       <C>         <C>       <C>          <C>           <C>
BALANCE, February 12, 1997 ...........         -      $  -           -      $    -    $      -     $      -      $     -
Proceeds from Initial Public
Offering .............................         -         -       3,910          39      82,071            -            -
Payment of underwriters discount
and initial offering costs ...........         -         -           -           -      (9,055)           -            -
Issuance of shares in
exchange for note ....................         -         -         159           2       3,296            -            -
Issuance of shares for acquistion ....         -         -          22           -         600            -            -
Issuance of restricted stock .........         -         -          70           1       1,827            -       (1,828)
Proceeds from follow-on offering .....         -         -       3,450          34      88,372            -            -
Payment of underwriters
discount and costs ...................         -         -           -           -      (5,741)           -            -
Amortization of restricted stock
Compensation .........................         -         -           -           -           -            -          115
Adjustment for minority interest in
operating partnership ................         -         -           -           -     (33,882)           -            -
Dividends ............................         -         -           -           -           -       (4,195)           -
Net income ...........................         -         -           -           -           -        5,969            -
                                           ---------------------------------------------------------------------------------
BALANCE, December 31, 1997 ...........         -      $  -       7,611      $   76    $127,488     $  1,774      $(1,713)

Issuance of restricted stock .........         -         -          21           -         607            -         (607)
Issuance of shares for option
exercise and employee stock
purchase plans .......................         -         -           5           -         159            -            -
Amortization of restricted
stock compensation ...................         -         -           -           -           -            -          787
Loans to officers ....................         -         -           -           -           -            -            -
Adjustment for minority interest in
operating partnership ................         -         -           -           -      (8,001)           -            -
Dividends ............................         -         -           -           -           -      (16,338)           -
Net income ...........................         -         -           -           -           -       10,606            -
                                           ---------------------------------------------------------------------------------
BALANCE, December 31, 1998 ...........         -      $  -       7,637      $   76    $120,253     $ (3,958)     $(1,533)


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<CAPTION>
                                                    NOTE
                                                 RECEIVABLE      LOANS        TOTAL
                                                 FROM STOCK        TO      STOCKHOLDERS'
                                                    SALE        OFFICERS      EQUITY
                                              ------------------------------------------

<S>                                             <C>             <C>           <C>
BALANCE, February 12, 1997 ...........          $     -      $     -          $      -
Proceeds from Initial Public
Offering .............................                -            -            82,110
Payment of underwriters discount
and initial offering costs ...........                -            -            (9,055)
Issuance of shares in
exchange for note ....................           (3,298)           -                 -
Issuance of shares for acquistion ....                -            -               600
Issuance of restricted stock .........                -            -                 -
Proceeds from follow-on offering .....                -            -            88,406
Payment of underwriters
discount and costs ...................                -            -            (5,741)
Amortization of restricted stock
Compensation .........................                -            -               115
Adjustment for minority interest in
operating partnership ................                -            -           (33,882)
Dividends ............................                -            -            (4,195)
Net income ...........................                -            -             5,969
                                                --------     --------         --------
BALANCE, December 31, 1997 ...........          $(3,298)     $     -          $124,327

Issuance of restricted stock .........                -            -                 -
Issuance of shares for option
exercise and employee stock
purchase plans .......................                -            -               159
Amortization of restricted
stock compensation ...................                -            -               787
Loans to officers ....................                -       (1,893)           (1,893)
Adjustment for minority interest in
operating partnership ................                -            -            (8,001)
Dividends ............................                -            -           (16,338)
Net income ...........................                -            -            10,606
                                                --------     --------         --------
BALANCE, December 31, 1998 ...........          $(3,298)   $  (1,893)         $109,647

</TABLE>


                 See accompanying notes to financial statements
                                      F-6
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                                   SIGNATURES

         Pursuant to the requirements of Section 13 or 15(d) of the Securities
Act of 1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, in Charleston, South
Carolina, on April 6, 2000.

                                   GOLF TRUST OF AMERICA, INC.

                                   By:    /s/ W. Bradley Blair, II
                                          --------------------------------------
                                          W. Bradley Blair, II
                                          PRESIDENT AND CHIEF EXECUTIVE OFFICER

         Pursuant to the requirements of the Securities Exchange Act of 1934,
this report has been signed below by the following persons in the capacities and
on the dates indicated:

<TABLE>
<CAPTION>

SIGNATURE                                TITLE                                  DATE
---------------------------------------- -------------------------------------- ---------------
<S>                                      <C>                                    <C>

/s/ W. Bradley Blair, II                 President, Chief Executive Officer
---------------------------------------- and Chairman of the Board of
W. Bradley Blair, II                     Directors                              April 6, 2000

/s/ Scott D. Peters
---------------------------------------- Senior Vice President, Chief
Scott D. Peters                          Financial Officer and Director         April 6, 2000

                   *
----------------------------------------
Roy C. Chapman                           Director                               April 6, 2000

                   *
----------------------------------------
Raymond V. Jones                         Director                               April 6, 2000

                   *
----------------------------------------
Fred W. Reams                            Director                               April 6, 2000

                   *
----------------------------------------
Edward L. Wax                            Director                               April 6, 2000

                   *
----------------------------------------
Larry D. Young                           Director                               April 6, 2000

* POWER OF ATTORNEY

By:  /s/ W. Bradley Blair, II
----------------------------------------
W. Bradley Blair, II
</TABLE>