News Release

NASHVILLE, Tenn., March 15 /PRNewswire/ -- Prison Realty Corporation ("Prison Realty" or the "Company") (NYSE: PZN), a Maryland corporation, today announced that it will purchase the 1,225 bed Eden Detention Center in Eden, Texas for $28 million. The transaction is expected to close on April 15. The facility is currently managed by Prison Realty's primary tenant, Correctional Management Services Corporation (CMSC) and houses male inmates for federal agencies. Upon purchase, the facility will be leased to CMSC for an initial annual lease rate of $8.7 million.

D. Robert Crants, III, President of the Company, commented on the acquisition as follows: "The tremendous returns offered to Prison Realty by the purchase of the Eden Detention Center demonstrate the power of the business model presented by our recent merger. We can close on this fully occupied facility, enter into a ten year lease with tenant CMSC, and generate returns unparalleled in the REIT industry."

The Company is the successor entity to the mergers of CCA Prison Realty Trust and Corrections Corporation of America into the Company consummated January 1, 1999 and currently owns 45 correctional and detention facilities in 16 states, the District of Columbia and the United Kingdom having a total design capacity in excess of 41,000 beds, of which eight new facilities are under construction. Prison Realty Corporation is based in Nashville, Tennessee and plans to qualify as a real estate investment trust under the Internal Revenue Code. The Company's business is to provide the integrated design, construction and finance of new correctional and detention facilities and the redesign, renovation and finance of older facilities for both private prison managers and government entities.

CMSC, along with two other management companies operating under the name of Corrections Corporation of America (CCA), provides management services to governments under contracts for 79 correctional and detention facilities with a total design capacity of 68,647 beds, of which 67 facilities with a total design capacity of 50,005 beds are in operation. This press release contains forward-looking statements that involve various risks and uncertainties. Actual results could differ materially from those contained in these forward-looking statements due to certain factors. These and other risks and uncertainties are detailed in the Company's reports filed with the SEC.