The company attributed last year's loss mainly to one-time charges for reducing the listed value of its golf courses to current market prices.
The company, which went public in February of 1997, now intends to sell off its interests in 44 golf courses and dissolve within two years. The company's assets include six courses in South Carolina.
Management estimated in documents filed with SEC that if stockholders approve the plan, liquidating distributions to common stockholders will range from $10.43 per share to$14.18 per share.
Golf Trust's problems included an imbalance of supply and demand, and limited availability of debt and equity capital, CEO W. Bradley Blair II says in the filing."This business environment is particularly difficult for us since, as a REIT utilizing the triple-net lease structure, we do not have control over the operation of our assets," he says.
Company officials spent part of last year trying to find ways of staying in business. There were some preliminary offers from six undisclosed companies, including a proposed merger partner who wanted to put in $150 million in capital. The proposed partner lowered its offer, however.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
