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

The Company incurred $1.9 million in operating expenses during the three months ended March 31, 2009, including $0.6 million in management fees and $2.3 million in marketing, general and administrative expenses, which included $0.9 million related to advisor fees in connection with the ongoing review of the Company's strategic direction. Care also incurred approximately $0.9 million of depreciation and amortization expense relating to its investment in the Bickford properties as well as a favorable adjustment of $1.9 million recognized on its loans carried at the lower of cost or market.

Care's net loss from investments in partially-owned entities amounted to $0.9 million for the three months ended March 31, 2009 and consisted of a $1.2 million loss, after depreciation charges of $2.4 million, related to the Company's investment in the Cambridge properties as well as equity income of $0.3 million from Care's investment in the Senior Management Concepts properties.

Interest expense totaled $2.1 million for the three months ended March 31, 2009, consisting of $0.2 million on the debt outstanding under the Company's warehouse line of credit during the quarter, $0.5 million relating to the non-cash write-off of deferred financing costs in connection with the paydown and termination of the warehouse line, and $1.4 million relating to the mortgage debt incurred to finance the acquisition of the Bickford properties. The effective interest rate for the quarter on the Company's mortgage debt borrowings incurred to finance the acquisition of the Bickford properties was 6.88 percent.

Liquidity and Funding

At March 31, 2009, Care had $17.4 million in cash and cash equivalents. During the first quarter 2009 Care received $22.5 million from the sale of a mortgage investment. Subsequent to the end of the first quarter, Care received approximately $29 million from the prepayment of a loan
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SOURCE Care Investment Trust Inc.
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