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Care Investment Trust Inc. Announces Second Quarter 2009 Results
Date:8/10/2009

l estate investments in partially-owned entities of $60.8 million at the end of the second 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 $101.2 million as of June 30, 2009, all of which were floating rate. The weighted average spread on the portfolio at June 30, 2009 was 5.64 percent over one-month LIBOR and the average maturity of the portfolio was approximately two years. The effective yield on the portfolio was 5.95 percent for the quarter ended June 30, 2009.

Operating Activities

Care generated total revenue of $5.1 million during the 2009 second quarter which included interest income from investments in loans of $1.8 million, rental revenue of $3.2 million and other income of $0.1 million. Other income included interest earned on cash balances and extension and other fee income.

The Company incurred $3.1 million in operating expenses during the three months ended June 30, 2009, including $0.5 million in management fees and $3.0 million in marketing, general and administrative expenses. Care also incurred $0.9 million of depreciation and amortization expense relating to its investment in the Bickford properties as well as a favorable adjustment of $1.2 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 $1.3 million for the three months ended June 30, 2009 and consisted of a $1.6 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.

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SOURCE Care Investment Trust Inc.
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