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

zed gain or loss on the revaluation of partnership units in relation to the Company's investment in the Cambridge properties, the write-off of deferred financing costs in connection with the paydown and termination of the Company's warehouse line and the unrealized gain or loss recognized on loans carried at the lower of cost or market. These adjustments are detailed on the Reconciliation of Non-GAAP Financial Measures attached hereto.

Portfolio Activity

Wholly-owned and Partially-owned Real Estate

Wholly-owned real estate totaled $104.3 million at March 31, 2009, consisting of investments in 14 assisted and independent living and alzheimers' facilities, all of which were net leased. In addition, Care had real estate investments in partially-owned entities of $63.7 million at the end of the first quarter 2009, consisting of investments in equity interests in limited liability entities owning nine medical office buildings as well as a joint venture acquisition of four assisted and independent living facilities.

Loan Portfolio

Net investments in loans were $138.3 million as of March 31, 2009, all of which were floating rate. The weighted average spread on the portfolio at March 31, 2009 was 5.76 percent over one-month LIBOR and the average maturity of the portfolio was approximately two years. The effective yield on the portfolio was 6.29 percent for the quarter ended March 31, 2009. All payments have been received on time and the Company has never had a payment default on any of its investments.

Operating Activities

Care generated total revenue of $6.1 million during the 2009 first quarter which included interest income from investments in loans of $2.9 million, rental revenue of $3.2 million and other income of $0.1 million. Other income included interest earned on cash balances, fee income and other miscellaneous income.


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SOURCE Care Investment Trust Inc.
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