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Care Investment Trust Inc. Announces First Quarter 2009 Results
Date:5/11/2009

2009 First Quarter Highlights

-- Received $22.5 million from the sale of a mortgage investment in February 2009.

-- Paid down entire $37.8 million of debt outstanding under warehouse line in March 2009 and retired facility.

-- Current cash and cash equivalents of approximately $46 million.

NEW YORK, May 11 /PRNewswire-FirstCall/ -- Care Investment Trust Inc. (NYSE: CRE) ("Care" or the "Company"), a real estate investment and finance company formed to invest in healthcare-related real estate and commercial mortgage debt, today reported financial results for the first quarter ended March 31, 2009. The Company reported net income as calculated in accordance with GAAP of $2.5 million, or $0.12 per basic and diluted share. Net income was impacted by a non-cash depreciation charge from the Company's real estate investments of $3.2 million and a non-cash write-off related to deferred financing costs in connection with the paydown and termination of the Company's warehouse line of $0.5 million.

Funds From Operations (FFO) for the first quarter of 2009 were $5.7 million, or $0.29 per basic and diluted share. Adjusted Funds From Operations (AFFO) amounted to $2.4 million, or $0.12 per basic and diluted share. FFO was impacted by the non-cash write-off of $0.5 million, or $0.02 per share, relating to deferred financing costs incurred in connection with the paydown and retirement of the Company's warehouse line. FFO is the result of adding back to net income the Company's share of depreciation and amortization of real estate related to Care's investment in the Cambridge properties and its acquisition of the Bickford properties. AFFO reflects additional adjustments for other non-cash income and expense items including stock-based compensation, straight-lining of lease revenue, the unreali
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SOURCE Care Investment Trust Inc.
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