News Release

NASHVILLE, Tenn., May 17 /PRNewswire/ -- Prison Realty Trust, Inc., a Maryland corporation ("Prison Realty Trust" or the "Company") (NYSE: PZN), today announced that it has filed a Preliminary Prospectus Supplement to its Registration Statement on Form S-3 with the Securities and Exchange Commission covering the public offering of $300 million of its senior unsecured notes (the "Offering"). The Company intends to use the net proceeds from the Offering to reduce outstanding borrowings under the Company's bank credit facility. Lehman Brothers will manage the Offering.

Prison Realty Trust's business is the ownership of correctional and detention facilities. The Company provides financing, design, construction and renovation of new and existing jails and prisons that it leases to both private and governmental managers. Prison Realty Trust currently owns 50 correctional and detention facilities in 17 states, the District of Columbia and the United Kingdom having a total design capacity of 49,000 beds, of which 11 new facilities are under construction. Prison Realty Trust is based in Nashville, Tennessee and plans to qualify as a real estate investment trust under the Internal Revenue Code.

This press release shall not constitute an offer to sell or the solicitation to an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.

When publicly circulated, a copy of the Preliminary Prospectus Supplement, together with an accompanying Prospectus, relating to the Offering may be obtained from Lehman Brothers, 3 World Financial Center, New York, New York 10285.