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  • GREATMOOD1 GREATMOOD1 Mar 29, 1999 8:09 AM Flag

    Well, if misery likes company, I'll be w

    Prison Realty to Construct 1,524 Bed Facility in
    Stewart County, Georgia

    NASHVILLE, Tenn., March 29
    /PRNewswire/ -- Prison Realty Corporation ("Prison Realty" or
    the "Company") (NYSE: PZN), a Maryland corporation,
    today announced that it will build a 1,524 bed, medium
    security prison in Stewart County, Georgia. The prison's
    construction cost is estimated at $45 million.

    (Photo: )

    Upon its completion in July 2000, the
    prison, located in Lumpkin, is expected to house county
    and state inmates from within Georgia. It will be
    leased by Prison Realty's primary tenant, Corrections
    Corporation of America ("CCA"), which will receive
    approximately $23 million in annual revenues from its

    "We are pleased to expand our presence in Georgia by
    committing to the construction of our fourth facility
    there," said Prison Realty Chairman and CEO Doctor R.
    Crants. "We strive to anticipate the needs of our
    customers and position ourselves to provide first quality
    bed space on a continuing basis. Our recent
    expansions at the new Coffee and Wheeler County prisons are
    indicative of Georgia's pressing need for secure beds. We
    believe this facility will also address that need, and we
    are proud to be part of Georgia's

    CCA, along with two other management companies
    operating under the name of Corrections Corporation of
    America, provides management services to governments under
    contracts for 81 correctional and detention facilities with
    a total design capacity of 70,121 beds, of which 70
    facilities with a total design capacity of 51,223 beds are
    in operation.

    Prison Realty'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 currently owns 48 correctional and detention
    facilities in 17 states, the District of Columbia and the
    United Kingdom having a total design capacity in excess
    of 46,000 beds, of which ten 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. Doctor R. Crants serves as Chairman and CEO
    of both the Company and CCA.

    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.

    SOURCE Prison
    Realty Corporation

    CO: Prison Realty
    Corporation; Corrections Corporation of America

    Tennessee, Georgia

    IN: CST


    07:49 EST

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