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, reported financial results for the third quarter ended September 30, 2009 last week and announced it is nearing completion of its review of strategic alternatives. The Company reported a net loss as calculated in accordance with GAAP of $0.4 million, or $0.02 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 third quarter of 2009 were $2.8 million, or $0.14 per basic and diluted share.
Care announced that it is nearing completion of its review of strategic alternatives and expects to make an announcement regarding the future direction of the Company over the next several weeks. For the past several quarters, the Company’s Board of Directors, in consultation with its legal and financial advisors, has been actively considering a range of strategic alternatives for the Company and has been advised by Credit Suisse Securities (USA) LLC. The strategic alternatives being considered by the Board of Directors are a sale or merger of the entire company and an orderly liquidation of the Company’s assets, accompanied by one or more special cash distributions to the Company’s shareholders.
Flint Besecker, Care’s Chairman of the Board, commented, "The Board of Directors is committed to completing this process and returning value to our shareholders."
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