News Release

NASHVILLE, Tenn.--(BUSINESS WIRE)--Nov. 15, 2000--Corrections Corporation of America (NYSE: CXW) (formerly Prison Realty Trust, Inc.) (the "Company") today announced its results for the third quarter and nine months ended September 30, 2000. The third quarter operating results discussed below include the combined operating results for the Company for the three months ended September 30, 2000, and its two service subsidiaries, Prison Management Services Inc. ("PMSI") and Juvenile and Jail Facility Management Services Inc ("JJFMSI") for the one month ended September 30, 2000. However, the results do not include the operating results of the Company's management subsidiary due to the fact that the effective date of its merger with the Company was October 1, 2000.

The Company reported combined revenues of $47.0 million for the third quarter ended September 30, 2000, compared with consolidated revenues of $69.3 million for the third quarter of 1999. The Company reported a combined net loss available to common stockholders of $253.7 million, or $2.14 per share, compared with consolidated income of $46.0 million, or $0.39 per share, for the third quarter of 1999.

The third quarter loss for 2000 includes the following significant non-cash charges which in aggregate total $204.5 million: (a) $109.9 million income tax provision, due primarily to the Company's change in tax status from a non-taxable REIT to a taxable subchapter C corporation; (b) $75.4 million related to the settlement of the shareholder litigation; (c) $19.2 million of impairment loss under FAS 121.

"Our third quarter results included a number of one-time, non-cash transactions that relate to our corporate restructuring," stated President and CEO John Ferguson. "Our priorities remain focused on increasing occupancy through increased utilization of existing facilities, improving operating margins, potential divestiture of non-core assets, and strengthening the Company's capital structure."

Management is currently developing a plan to improve operating profits as well as address the overall financial condition of the Company including, but not limited to: (i) the potential refinancing of all or a portion of the Company's borrowings; (ii) capital-raising transactions; (iii) renegotiating certain operating management contracts; (iv) cost containment strategies; and (v) potential asset divestitures. There can be no assurance, however, that any such plan developed by the Company will be successful in addressing the Company's financial condition. The implementation of this plan could result in significant cash and non-cash charges to the Company's statement of operations such as: losses on disposition of assets, asset impairment charges, write-off of unamortized debt issuance costs, costs incurred in the issuance of debt or equity, employee severance costs, and professional fees.

Effective October 1, 2000, the Company completed its merger with Corrections Corporation of America, a privately held Tennessee corporation ("Operating Company"). Management expects to complete the merger of PMSI and JJFMSI into the Company in the fourth quarter of 2000.

The consolidated pro forma EBITDA of the Company, Operating Company, PMSI and JJFMSI for the third quarter of 2000 was approximately $34 million. Pro forma EBITDA excludes one-time charges and other restructuring costs.

After the close of the quarter, the Company began receiving inmates under two contracts totaling 3,316 beds with the Federal Bureau of Prisons (FBOP) at its Milan, New Mexico, facility and at its California City, California, facility. In addition, CCA recently signed two contract amendments for the addition of 1,000 beds with the state of Georgia. The amendments represent an additional 500 beds in each of the Coffee County Correctional and Wheeler County Correctional facilities.

Occupancy for the quarter was 81.8% this year compared with 92.2% last year, and compensated man-days for the quarter rose 7.2% to 4.7 million from 4.4 million in the third quarter of 1999.

At September 30, 2000, the Company was not in compliance with certain financial covenants contained in its senior bank credit facility. The Company, through Lehman Brothers, is currently soliciting the consent of its bank lenders to amend the terms of the credit facility to, among other things, replace the facility's existing financial covenants. There can be no assurance, however, that the consent of the Lenders will be obtained on or before November 17, 2000, and that, as a result, the Company will not be in default under the terms of its credit facility or other indebtedness.

The accompanying combined financial statements present the consolidated financial statements of the Company as of and for the three and nine months ended September 30, 2000, combined with the financial statements of PMSI and JJFMSI as of and for the one month ended September 30, 2000. The accompanying consolidated financial statements as of December 31, 1999, and for the three and nine months ended September 30, 1999, have not been combined with the financial statements of PMSI and JJFMSI.

About the Company

CCA and its affiliated companies are the nation's largest provider of detention and corrections services to governmental agencies. The Company is the industry leader in private sector corrections with approximately 68,000 beds in 75 facilities under contract or under development and ownership of 45 facilities in the United States, Puerto Rico and the United Kingdom. CCA's full range of services includes design, construction, ownership, renovation and management of new or existing jails and prisons, as well as long distance inmate transportation services.

Forward-Looking Statements

This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. Other factors that could cause operating and financial results to differ are described in the Company's Form 10-K, as well as in other documents filed with the SEC. Other risks may be detailed from time to time in reports to be filed with the SEC. The Company does not undertake any obligation to publicly release the result of any revisions to forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

          CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES
                 (FORMERLY PRISON REALTY TRUST, INC.)

     CONDENSED COMBINED AND CONSOLIDATED STATEMENTS OF OPERATIONS
    (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

                            Combined Consolidated Combined Consolidated
                               Three      Three      Nine      Nine
                               Months     Months    Months    Months
                               Ended      Ended      Ended     Ended
                             Sept. 30,   Sept. 30, Sept. 30,  Sept. 30,
                                2000       1999      2000      1999
                              --------   -------   -------   -------

REVENUES:
   Management                   $ 26,066   $    --  $ 26,066        --
   Rental                         15,464    67,075    38,390   196,543
   Trade name use agreement        2,324     2,192     7,566     6,510
                                --------   -------   -------   -------
                                  43,854    69,267    72,022   203,053
                                --------   -------   -------   -------
EXPENSES:
   Operating                      21,691        --    21,792        --
   Trade name use agreement          501        --       501        --
   Lease                             256        --       256        --
   Depreciation and
    amortization                  15,439    11,224    41,770    31,643
   Administrative service
    fee                              900        --       900        --
   General and
    administrative                 4,174     1,979    10,752     4,586
   Write-off of amounts
    under lease
    arrangements                   3,504        --    11,920        --
   Impairment loss                19,239        --    19,239        --
                                --------   -------   -------   -------
                                  65,704    13,203   107,130    36,229
                                --------   -------   -------   -------

OPERATING INCOME (LOSS)         (21,850)    56,064   (35,108)  166,824

   Equity (earnings) loss
    and amortization of
    deferred gains                 1,770    (6,950)   (7,218)  (22,107)
   Interest expense, net          35,741     5,902    95,501     9,170
   Other income                   (3,099)       --    (3,099)       --
   Strategic investor fees         4,850        --    33,003        --
   Unrealized foreign
    currency transaction
    loss                           2,012        --     9,440        --
   Loss on disposals
    of assets                      3,023        --     3,324     1,631
   Shareholder litigation
    settlements                   75,406        --    75,406        --
   Write-off of loan costs            --     8,967        --     8,967
                                --------   -------   -------   -------

INCOME (LOSS) BEFORE
 INCOME TAXES AND
 MINORITY INTEREST              (141,553)   48,145  (241,465)  169,163

PROVISION FOR INCOME TAXES       109,888        --   109,888    83,200
                                --------   -------   -------   -------

NET INCOME (LOSS) BEFORE
 MINORITY INTEREST             $(251,441) $ 48,145 $(351,353)  $85,963
                                ========   =======   =======   =======

MINORITY INTEREST IN NET
 LOSS OF PMSI AND JJFMSI             318        --       318        --
                                --------   -------  --------  --------

NET INCOME (LOSS)              $(251,123) $ 48,145 $(351,035)  $85,963
                                ========   =======   =======   =======

DIVIDENDS TO PREFERRED
   STOCKHOLDERS - A               (2,150)   (2,150)   (6,450)   (6,450)

DIVIDENDS TO PREFERRED
   STOCKHOLDERS - B                 (435)       --      (434)       --
                                --------   -------   -------   -------

NET INCOME (LOSS) AVAILABLE
   TO COMMON STOCKHOLDERS      $(253,708)  $45,995 $(357,919)  $79,513
                                ========   =======   =======   =======

NET INCOME (LOSS) AVAILABLE
   TO STOCKHOLDERS PER
   COMMON SHARE:

BASIC                             $(2.14)    $0.39    $(3.02)    $0.70
                                  =======    =====    =======    =====

DILUTED                           $(2.14)    $0.39    $(3.02)    $0.69
                                  =======    =====    =======    =====

WEIGHTED AVERAGE COMMON
   SHARES OUTSTANDING
   - BASIC                       118,458   118,196   118,421   114,003
                                 =======   =======   =======   =======

WEIGHTED AVERAGE COMMON
   SHARES OUTSTANDING
   - DILUTED                     118,458   118,315   118,421   114,547
                                 =======   =======   =======   =======


          CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES
                 (FORMERLY PRISON REALTY TRUST, INC.)

          CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS
    (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)


                                           Combined      Consolidated
                                        Sept. 30, 2000   Dec. 31, 1999

CURRENT ASSETS:
   Cash and cash equivalents                $ 16,501        $ 84,493
   Restricted cash                             9,571          24,409
   Accounts receivable, net
    of allowances                             49,412           5,105
   Receivable from Operating
    Company                                    7,962          28,608
   Receivable from PMSI and JJFMSI                --           1,283
   Income tax receivable                      34,756              --
   Prepaid expenses                            1,636             166
   Deferred tax assets                        11,977              --
   Other current assets                        9,561           5,635
                                         -----------     -----------
        Total current assets                 141,376         149,699

PROPERTY AND EQUIPMENT, NET                2,166,472       2,208,496

OTHER ASSETS:
   Notes receivable                          137,616         137,000
   Investments in direct
    financing leases                         146,227          70,255
   Investment in affiliates
    and others                                21,955         118,232
   Other assets                               56,278          52,240
                                         -----------     -----------
        Total assets                     $ 2,669,924     $ 2,735,922
                                         ===========     ===========


          CORRECTIONS CORPORATION OF AMERICA AND SUBSIDIARIES
                 (FORMERLY PRISON REALTY TRUST, INC.)

          CONDENSED COMBINED AND CONSOLIDATED BALANCE SHEETS
    (UNAUDITED AND AMOUNTS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                              (CONTINUED)

                                          Combined       Consolidated
                                       Sept. 30, 2000    Dec. 31, 1999

CURRENT LIABILITIES:
   Accounts payable                        $  26,904       $  36,564
   Payables to Operating Company              25,529           3,316
   Accrued salaries and wages                  4,837             208
   Accrued interest                           10,284          14,968
   Income taxes payable                        8,968           5,476
   Distributions payable                       4,735           2,150
   Other accrued expenses                    128,613          15,855
   Bank credit facility                      967,782         928,234
   Senior notes                              100,000         100,000
   Convertible subordinated notes and
       other debt                             79,108          70,757
                                         -----------     -----------
       Total current liabilities           1,356,760       1,177,528

   Deferred tax liabilities                  180,906          32,000
   Deferred gains on sales of contracts       63,523         106,045
   Other liabilities                             413              --
                                         -----------     -----------
        Total liabilities                  1,601,602       1,315,573
                                         -----------     -----------

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS' EQUITY:
   Preferred Stock - Series A                107,500         107,500
   Preferred Stock - Series B                144,994              --
   Common Stock - Class A                      1,186           1,184
   Additional paid-in capital              1,203,706       1,347,227
   Retained deficit                        (393,240)         (35,320)
   Treasury stock, at cost                      (242)           (242)
                                         -----------     -----------
   Equity of CCA                           1,063,904       1,420,349
                                         -----------     -----------
   Equity of PMSI                              2,339              --
   Equity of JJFMSI                            2,079              --
                                         -----------     -----------
        Total stockholders' equity         1,068,322       1,420,349
                                         -----------     -----------
        Total liabilities and
         stockholders' equity            $ 2,669,924     $ 2,735,922
                                         ===========     ===========

--30--LR/na*