— Acquire two stabilized senior housing apartments in Western New York, through a joint venture with Calamar containing an aggregate 202 units that are well-positioned for high occupancy and consistent financial performance within their communities.
— Expect to receive in excess of a 12% cash on cash return in the first year and 100% of net cash flow upon a sale of the properties until achieving a threshold return. Net cash flows to be shared between Care and Calamar pursuant to a waterfall set forth in the joint venture agreement.
About Care Investment Trust
Care Investment Trust Inc. is a real estate investment company that invests in healthcare real estate including assisted-living, independent-living, memory care, skilled nursing and other healthcare and seniors-related real estate assets in
the United States
About Calamar Enterprises, Inc.
Calamar is a full-service real estate firm comprised of construction, development, property management and finance & investment divisions for commercial and large-scale residential properties in the Northeast & Midwest regions.
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. Such risks are set forth under the captions "Forward-Looking Statements" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in Care's most recent Annual Report on Form 10-K and 10-K/A and its quarterly reports on Form 10-Q, and as described in the Company's other filings with the Securities and Exchange Commission. 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 and 10-K/A, 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.