Care Investment Trust Inc. Announces Sale of Preferred Investment in Cambridge Medical Office Portfolio

NEW YORK, Nov. 30, 2011 /PRNewswire/ -- Care Investment Trust Inc. (OTCQX:  CVTR) ("Care" or the "Company"), a real estate investment and finance company that invests in healthcare-related real estate, today announced that Cambridge Holdings, Inc. ("Cambridge"), through its affiliates, has exercised its option to acquire and consummated the acquisition of Care's preferred investment in the Cambridge Medical Office Portfolio (the "Cambridge Portfolio") for approximately $42.0 million. 

As disclosed in Care's Form 10-Q for the third quarter ended September 30, 2011, pursuant to the First Amendment to the Omnibus Agreement dated October 19, 2011, Care granted to Cambridge the option to purchase all of Care's interest in the Cambridge Portfolio at any time up to December 9, 2011, for an amount equal to the sum of the Company's $40.0 million fixed dollar investment plus its accrued but unpaid preferred return of approximately $2.0 million.  In connection with the sale, the remaining 200,000 Operating Partnership Units and the Warrant to purchase 300,000 shares of the Company's common stock previously issued to Cambridge have been canceled.

Salvatore (Torey) V. Riso, Jr., Care's President and Chief Executive Officer, said "The sale of our investment in the Cambridge Portfolio back to Cambridge is an important strategic step in our emerging focus on the senior living sector.  We are currently exploring opportunities to deploy the proceeds in accordance with our strategic objective of acquiring high-quality senior housing facilities operated and managed by best-in-class operators.  We would like to wish Cambridge continued success in their focus as a developer and operator of best-in-class medical office, specialty hospital and similar healthcare properties."

Following the completion of the sale of the Company's preferred investment in the Cambridge Portfolio, Care had approximately $52 million in cash and cash equivalents.

About Care Investment Trust

Care Investment Trust Inc. is a real estate investment and finance company that invests in healthcare-related real estate. 

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains "forward-looking statements" which 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, as well as Care Investment Trust Inc.'s Quarterly Reports on Form 10-Q.  Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as to the date of this press release.  We cannot guarantee the accuracy of any such forward-looking statements contained in this press release, and 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.

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

SOURCE Care Investment Trust Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED