News Release

    NASHVILLE, Tenn., Jan. 13 /PRNewswire/ -- Prison Realty Trust, Inc.
("Prison Realty" or the "Company") (NYSE: PZN) today announced the
taxable composition of distributions declared by the board of directors of
Prison Realty Trust, Inc. prior to December 31, 1999.
    This release is based on the preliminary results of work on the Company's
tax filings and is subject to correction or adjustment when the filings are
completed.  The Company is releasing information at this time to aid those
required to distribute Form 1099s on the Company's distributions.  The
classifications of the distributions are as follows:

    Common Stock:

    Declaration Record Payment    Distribution   To be   Ordinary   Return of
       Date      Date    Date    Per Share  Reported as   Taxable   Capital-
                                                  1999     Income-   1999
                                              Distributions  1999
    3/4/99    3/19/99     3/31/99      $0.60     100%        100%     0.0%
    5/11/99   6/18/99     6/30/99      $0.60     100%        100%     0.0%
    8/27/99   9/17/99     9/30/99      $0.60     100%        100%     0.0%

    8.0% Series A Cumulative Preferred Stock:

    Declaration Record Payment  Distribution Ordinary   Return       To be
      Date       Date    Date    Per Share    Taxable    of      Reported as
                                             Income-   Capital-      2000
                                              1999      1999     Distributions

    12/9/98    12/31/98  1/15/99  $0.50        100%      0.0%        0.0%
     3/4/99     3/31/99  4/15/99  $0.50        100%      0.0%        0.0%
    5/11/99     6/30/99  7/15/99  $0.50        100%      0.0%        0.0%
    8/27/99     9/30/99 10/15/99  $0.50        100%      0.0%        0.0%
   12/22/99    12/31/99  1/15/00  $0.50        0.0%      0.0%        100%

    The classification of the Company's preferred stock distribution paid
January 15, 2000 is based on the assumption that the Company will not elect to
be taxed as a real estate investment trust for the tax year 1999.  If the
Company does in fact elect to be taxed as a real estate investment trust for
the tax year 1999, this distribution may be subject to tax in 1999 rather than
in 2000.  As currently classified, this distribution will be treated as a 2000
distribution for federal income tax reporting purposes and will be
characterized for reporting purposes at the end of 2000.




SOURCE  Prison Realty Trust, Inc.
 
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