Care Investment Trust Inc. Announces Second Quarter 20... ( ...)

Care Investment Trust Inc. Announces Second Quarter 2009 Results

Date:8/10/2009

NEW YORK, Aug. 10 /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 second quarter ended June 30, 2009. The Company reported a net loss as calculated in accordance with GAAP of $0.5 million, or $0.03 per basic and diluted share. Net income was impacted by a non-cash depreciation charge from the Company's real estate investments of $3.3 million.

Funds From Operations (FFO) for the second quarter of 2009 were $2.7 million, or $0.14 per basic and diluted share. Adjusted Funds From Operations (AFFO) amounted to $0.8 million, or $0.04 per basic and diluted share. 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 unrealized gain or loss on the revaluation of partnership units in relation to the Company's investment in the Cambridge properties 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 $103.1 million at June 30, 2009, consisting of investments in 14 assisted and independent living and alzheimers' facilities, all of which were net leased. In addition, Care had rea
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SOURCE Care Investment Trust Inc.
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Care Investment Trust Inc. Announces Second Quarter 20...( ...),Health