State-of-the-art cardiac MRI can perform real-time 2D scans without cardiac triggering during a single breath hold; however, real-time cardiac MRI in rats is difficult due to the high heart rate (330 bpm) and presence of respiratory motion. These challenges are overcome by using a dynamic imaging method based on Partially Separable Function (PSF) theory with an acceleration factor of 256. This paper demonstrates that this method can be used in the study of transplanted rat hearts for both anatomical and perfusion applications. The study was carried out with a 200 microm in-plane resolution with a 17.2 msec temporal resolution, and the results show improved spatial resolution (2x) and reduced acquisition time (3x) relative to Electrocardiogram (ECG) triggered, respiratory gated cine imaging.