Care Investment Trust Inc. Announces First Quarter 2009 Results

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 unrealized 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.

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 obligation at
par value.

F. Scott Kellman, Chief Executive Officer, stated, "Balance sheet strength
improved significantly during the first quarter as we harvested $22.5 million
from the sale of a mortgage and repaid all outstanding borrowings under our
line of credit. Care now holds approximately $46 million in cash and cash
equivalents and has no debt maturities prior to 2015."

Conference Call Details
The Company will host a conference call on Monday, May 11, 2009, at 11:00 a.m.
Eastern Time to discuss the first quarter results. The call may be accessed
live by dialing (888) 549-7750 or by visiting the Company's website at
www.carereit.com.

Investors may access a replay by dialing (800) 406-7325, passcode 4064279,
which will be available through May 18, 2009. The webcast replay will also be
archived in the "Investor Relations" section of the Company's website.

About Care Investment Trust
Care Investment Trust Inc. is a real estate investment and finance company
investing in healthcare-related real estate and commercial mortgage debt. It
is externally managed and advised by CIT Healthcare LLC, a wholly-owned
subsidiary of CIT Group Inc.

For more information on Care Investment Trust, please visit the Company's
website at www.carereit.com.

Safe Harbor Statement
This release contains "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All forward-looking
statements (including statements regarding future financial and operating
results) involve risks, uncertainties and contingencies, many of which are
beyond Care Investment Trust Inc.'s control, which may cause actual results,
performance, or achievements to differ materially from anticipated results,
performance, or achievements. All statements contained in this release that
are not clearly historical in nature are forward-looking, and the words
"anticipate," "believe," "estimate," "expect," "plan," "target," and similar
expressions are generally intended to identify forward-looking statements.
Economic, business, funding market, competitive and/or regulatory factors,
among others, affecting Care Investment Trust Inc.'s businesses are examples
of factors that could cause actual results to differ materially from those
described in the forward-looking statements in addition to those factors
specified in Care Investment Trust Inc.'s Annual Report on Form 10-K for the
year ended December 31, 2008, as well as Care Investment Trust Inc.'s
Quarterly Reports on Form 10-Q. Care Investment Trust Inc. is under no
obligation to (and expressly disclaims any such obligation to) update or alter
its forward-looking statements, whether as a result of new information, future
events or otherwise.

Funds from Operations and Adjusted Funds from Operations
Funds From Operations, or FFO, which is a non-GAAP financial measure, is a
widely recognized measure of REIT performance. We compute FFO in accordance
with standards established by the National Association of Real Estate
Investment Trusts, or NAREIT, which may not be comparable to FFO reported by
other REITs that do not compute FFO in accordance with the NAREIT definition,
or that interpret the NAREIT definition differently than we do.

The revised White Paper on FFO, approved by the Board of Governors of NAREIT
in April 2002 defines FFO as net income (loss) (computed in accordance with
GAAP), excluding gains (or losses) from debt restructuring and sales of
properties, plus real estate related depreciation and amortization and after
adjustments for unconsolidated partnerships and joint ventures.

Adjusted Funds from Operations
Adjusted Funds From Operations, or AFFO, is a non-GAAP financial measure. We
calculate AFFO as net income (loss) (computed in accordance with GAAP),
excluding gains (losses) from debt restructuring and gains (losses) from sales
of property, plus the expenses associated with depreciation and amortization
on real estate assets and non-cash equity compensation expenses and the
effects of straight lining lease revenue, one-time events pursuant to changes
in GAAP and other non-cash charges. Proportionate adjustments for
unconsolidated partnerships and joint ventures will also be taken when
calculating the Company's AFFO.

We believe that FFO and AFFO provide additional measures of our core operating
performance by eliminating the impact of certain non-cash expenses and
facilitating a comparison of our financial results to those of other
comparable REITs with fewer or no non-cash charges and comparison of our own
operating results from period to period. The Company uses FFO and AFFO in
this way, and also uses AFFO as one performance metric in the Company's
executive compensation program. The Company also believes that its investors
also use FFO and AFFO to evaluate and compare the performance of the Company
and its peers, and as such, the Company believes that the disclosure of FFO
and AFFO is useful to (and expected of) its investors.

However, the Company cautions that neither FFO nor AFFO represent cash
generated from operating activities in accordance with GAAP and they should
not be considered as an alternative to net income (determined in accordance
with GAAP), or an indication of our cash flow from operating activities
(determined in accordance with GAAP), a measure of our liquidity, or an
indication of funds available to fund our cash needs, including our ability to
make cash distributions. In addition, our methodology for calculating FFO and
/ or AFFO may differ from the methodologies employed by other REITs to
calculate the same or similar supplemental performance measures, and
accordingly, our reported FFO and / or AFFO may not be comparable to the FFO
and AFFO reported by other REITs.

For more information on the Company, please visit the Company's website at
www.carereit.com

-Financial Tables to Follow-

Care Investment Trust Inc. and Subsidiaries

Condensed Consolidated Statements of Operations (Unaudited)
(dollars in thousands -- except share and per share data)

Three Months Three Months
Ended Ended
March 31, March 31,
2009 2008
---- ----
Revenue
Rental revenue $3,172 $-
Income from investments in loans 2,874 4,687
Other income 96 147
-- ---
Total revenue 6,142 4,834
----- -----
Expenses
Management fees to related party 645 1,294
Marketing, general and administrative
(including stock-based compensation of
$5 and $187, respectively) 2,315 1,362
Depreciation and amortization 837 -
Adjustment to valuation allowance on
loans held at LOCOM (1,919) -
------- ---
Operating expenses 1,878 2,656
----- -----
Loss from investments in
partially-owned entities 941 1,108
Net unrealized (gain)/loss on
derivative instruments (1,269) 195
Realized gain on sale of loan to
Manager (22) -
Interest expense including amortization
and write-off of deferred financing
costs 2,111 416
----- ---
Net income $2,503 $459
====== ====
Income per share of common stock
Net income, basic and diluted $0.12 $0.02
===== =====
Basic and diluted weighted average
common shares outstanding 20,030,662 20,875,070
========== ==========

Care Investment Trust Inc. and Subsidiaries

Reconciliation of Non-GAAP Financial Measures (Unaudited)
(dollars in thousands, except share and per share data)

For the three months ended
March 31, 2009
----------------------
FFO AFFO
--- ----
Net Income $2,503 $2,503
Add:
Depreciation and amortization from
partially-owned entities 2,383 2,383
Depreciation and amortization on owned
properties 837 837
Write-off of deferred financing costs - 512
Adjustment to valuation allowance for
loans carried at LOCOM - (1,919)
Stock-based compensation - 5
Straight-line effect of lease revenue - (636)
Obligation to issue operating
partnership units - (1,271)
--- -------
Funds From Operations and Adjusted
Funds From Operations $5,723 $2,414
============ ============
FFO and Adjusted FFO per share basic
and diluted $0.29 $0.12
Weighted average shares outstanding -
basic and diluted 20,030,662 20,030,662

SOURCE Care Investment Trust Inc.

Scott Kellman, President & Chief Executive Officer, Care Investment Trust
Inc., +1-212-771-9360, scott.kellman@carereit.com; or Analysts / Investors,
Leslie Loyet, Financial Relations Board, +1-312-640-6672, lloyet@mww.com