NEWS  RELEASE
FOR  IMMEDIATE  RELEASE                         Contact:  Raymond  Brandstrom
March  25,  2003                                Chief  Financial  Officer
                                                (206) 298-2909

              EMERITUS REPORTS FOURTH QUARTER AND YEAR 2002 RESULTS

SEATTLE,  WA,  MARCH  25, 2003 -- Emeritus Assisted Living (AMEX: ESC) (Emeritus
Corporation),  a  national  provider  of assisted living and related services to
senior  citizens,  today  announced  a  fourth  quarter  2002 net loss to common
shareholders  of  $121,000 compared to a net loss of $1.4 million for the fourth
quarter  of 2001.  Included in the fourth quarter 2002 results is a gain, net of
related  costs, of $5.1 million related to discounts obtained in connection with
early  retirement  of  debt  associated  with  the  refinance  of 11 properties.

For  2002,  Emeritus reported a loss to common shareholders of $13.6 million, or
$1.33  per share, compared to a $10.6 million loss for 2001, or $1.04 per share.

"We  had many positive events during 2002 including extending our maturing debt,
opening  Special  Care  units  in  various markets, and increasing the number of
managed  units  in  our  portfolio  by  36%," stated Ray Brandstrom, CFO. "These
advances  were largely offset by increases in insurance and related costs, which
outpaced  our  ability  to  raise rates in the short-term, increased staffing to
facilitate  our  growth,  and  increased  costs related to our preferred stock."

Total Operating Revenues increased $11.3 million to $46.9 million for the fourth
quarter  of  2002  as compared to the same period in 2001.  The majority of this
increase  came  from the acquisition of 24 communities on October 1, 2002, which
reported  $9.7  million in revenue for the quarter.  Continued growth in revenue
per  unit from existing operations contributed $1.8 million, partially offset by
a 58-unit decrease in the average number of occupied units.  Management fees for
the  quarter  decreased  by $400,000 due to the recognition of performance-based
management  fees  during  the  fourth  quarter  of  2001.

Operating  expenses  increased  to  $47.2  million  for  the  three months ended
December 31, 2002, an increase of $14.8 million over the same quarter last year.
The  24-community  acquisition  increased  operating  costs  by  $9.7  million.
Insurance  costs  increased by $1.5 million, led by sharp increases in liability
and workers' compensation costs.  The Company increased its direct-care staffing
costs  by $530,000 for the fourth quarter compared to the same quarter last year
due  to  a  combination  of expansion into new Special Care units and efforts to
proactively  deal  with  increasing insurance costs.  General and Administrative
costs  increased  by  $2.0  million  primarily  due  to  increased  staffing and
associated  costs to support portfolio growth and favorable year-end true ups to
overhead  of  approximately  $365,000 in 2001.  Overall, Income from Operations,
defined  as Total Operating Revenues less Total Operating Expenses (exclusive of
Interest  Income,  Interest  Expense,  and  Other,  Net) decreased $3.6 million.

For  the  12  months ended December 31, 2002, Total Operating Revenues increased
$12.6  million  to  $153.1  million from $140.6 million for the same period last
year.  The  24-community  acquisition  increased  revenue  by  $9.7  million.
Management  Fee  revenue  received from our third-party contracts increased $2.2
million,  primarily  from  the  increase  in the number of management contracts,
resulting  in  approximately  2,200  additional  managed  units.

Total  Operating  Expenses  for  the  year ended December 31, 2002, increased by
$19.1  million  to  $152.1  million from $133.1 million for the same period last
year.  The 24-community acquisition resulted in an increase in operating expense
of  $9.7  million.  Insurance costs increased by $4.5 million.  A combination of
increased  staffing  to  better  manage risk and to expand Special Care services
resulted in increased direct-care staffing costs of $2.1 million for the current
year.  In  March  2002,  Emeritus repurchased third-party interests in two joint
venture  communities,  which  were subsequently combined with two already leased
facilities  in  a  new  lease  structure.  This  resulted in an increase of $2.0
million  in  additional  lease  expense, with an offsetting decrease in Interest
Expense  of  $1.0  million.

Interest  Expense  for  the 12 months ended December 31, 2002, decreased by $1.6
million  to  $11.7  million  from  $13.3 million.  The above-mentioned refinance
involving  four  communities  decreased  interest  expense by $1.0 million.  The
remainder of the decrease was due to lower LIBOR rates on the Company's variable
rate  debt  and  the  retirement of debt on one community located in Scottsdale,
Arizona.

Other,  Net  for  the  year  2002 improved by $3.5 million.  The debt holder for
seven  of  the 11 communities refinanced in December 2002 offered a discount for
the  early  repayment  of  its debt, which was recognized as a $5.1 million gain
upon  closing  of the transaction.  In addition, the year 2002 includes loan fee
and  lease  acquisition  cost  write-offs  of  $720,000  associated  with  the
four-community refinance, previously discussed, and the conversion of one leased
community  to a managed community.  The year 2001 is primarily composed of a net
gain  of  $990,000  associated  with  the  disposition  of  two  communities.

For  the  year 2002, Preferred Stock Dividends increased $1.0 million due to the
compounding  affect  of  accrued  and  unpaid  dividends.

OTHER  HIGHLIGHTS
- The Company refinanced 11 communities in December 2002, extending the maturity
  of the debt by 3 years. The refinance consists of a $58 million senior note
  with a $7 million earnout clause combined with $16 million of mezzanine debt.
- The Company refinanced a 98 unit community located in Issaquah, Washington,
  extending the maturities of $7.5 million of debt to 2006.
- The Company leased 24 communities in six states effective October 1, 2002. The
  communities are comprised of 1,651 units, in which the Company intends to
  offer both assisted living and memory loss services.
- In October, the Company commenced managing a 72-unit community located in
  Austin, Texas.
- In May 2002 the Company commenced management of 8 communities in Texas and
  Louisiana.
- In January 2002 the Company began managing 18 facilities for Regent Assisted
  Living.

SAME  COMMUNITY  RESULTS
Emeritus  operated  59  "Same  Store Communities" for the fourth quarter of both
2002  and  2001.  Results  of operations decreased $1.1 million to $1.1 million.
Operating Revenue increased approximately $1.7 million primarily from the growth
in revenue per unit of $139 per month.  Operating Expense increased $2.4 million
to  $21.7 million for the fourth quarter of 2002 from $19.3 million for the same
quarter  last year.  This increase is primarily related to increases in staffing
related  costs  and  sharp  increases  in  liability  and  workers' compensation
insurance.  The  refinance  of  four  communities,  two previously held as joint
ventures  in  which  third-party  interests  were  repurchased and two that were
previously  leased,  was  the  primary  cause  of  the lease expense increase of
$327,000  to  $6.8  million  for  the  fourth quarter of 2002.  Interest expense
increased  $119,000  primarily  from the purchase of a real estate interest in a
previously  leased  facility  located  in  Auburn,  Massachusetts.

ABOUT  THE  COMPANY
Emeritus  Assisted  Living is a national provider of assisted living and related
services to seniors.  Emeritus is one of the largest developers and operators of
freestanding  assisted  living  communities throughout the United States.  These
communities  provide  a  residential housing alternative for senior citizens who
need  help  with  the  activities of daily living with an emphasis on assistance
with personal care services to provide residents with an opportunity for support
in  the  aging  process.  Emeritus  currently holds interests in 180 communities
representing  capacity  for  approximately  19,000  residents  in  33  states.
Emeritus's  common  stock  is  traded  on  the American Stock Exchange under the
symbol  ESC, and its home page can be found on the Internet at www.emeritus.com.


"Safe  Harbor"  Statement  under the Private Securities Litigation Reform Act of
1995:  A number of the matters and subject areas discussed in this press release
that  are  not  historical  or  current  facts  deal  with  the potential future
circumstances,  operations,  and  prospects.  The discussion of such matters and
subject  areas  is qualified by the inherent risks and uncertainties surrounding
future  expectations  generally,  and also may materially differ from Emeritus's
actual  future  experience  as  a  result  of  such  factors  as: the effects of
competition  and  economic  conditions  on  the  occupancy  levels in Emeritus's
communities;  Emeritus's ability under current market conditions to maintain and
increase  its  resident  charges  in  accordance  with rate enhancement programs
without  adversely  affecting occupancy levels; increases in interest rates that
would  increase  costs as a result of variable rate debt; ability of Emeritus to
control  community  operation  expenses,  including insurance and utility costs,
without  adversely  affecting  the  level of occupancy and the level of resident
charges; the ability of Emeritus to generate cash flow sufficient to service its
debt  and  other fixed payment requirements; Emeritus's  ability to find sources
of  financing and capital on satisfactory terms to meet its cash requirements to
the  extent  that  they  are  not  met  by  operations;  and making satisfactory
arrangements  for  the  continued operation of the Emeritrust communities beyond
June  30,  2003,  when  our management agreements for those communities expires.
Emeritus has attempted to identify, in context, certain of the factors that they
currently  believe may cause actual future experience and results to differ from
Emeritus's  current expectations regarding the relevant  matter or subject area.
These  and  other  risks and uncertainties are detailed in the Company's reports
filed  with  the  Securities and Exchange Commission (SEC), including Emeritus's
Annual  Reports  on  Form  10-K  and  Quarterly  Reports  on  Form  10-Q

<TABLE>
<CAPTION>


                                     EMERITUS ASSISTED LIVING
                               Consolidated Statements of Operations
                           (In thousands, except per share information)


                                                      Quarter Ended              Year Ended
                                                       December 31,              December 31,
                                             -------------------------------  --------------------
                                                  2002             2001         2002       2001
                                             ---------------  --------------  ---------  ---------
<S>                                          <C>              <C>             <C>        <C>
Operating revenue
  Community revenue . . . . . . . . . . . .  $       44,353   $      30,673   $142,237   $131,852
  Management fees . . . . . . . . . . . . .           2,579           2,982     10,892      8,725
                                              ---------------  --------------  ---------  ---------
           Total operating revenues . . . .          46,932          35,655    153,129    140,577
                                             ---------------  --------------  ---------  ---------


  Community operations. . . . . . . . . . .          30,702          19,957     93,822     80,829
  General and administrative. . . . . . . .           5,937           3,959     21,112     17,864
  Depreciation and amortization . . . . . .           2,044           1,727      7,223      7,260
  Facility lease expense. . . . . . . . . .           8,555           6,762     29,975     27,123
                                              ---------------  --------------  ---------  ---------
           Total operating expenses . . . .          47,238          32,405    152,132    133,076
                                             ---------------  --------------  ---------  ---------
          Income (loss) from operations . .            (306)          3,250        997      7,501


  Interest income . . . . . . . . . . . . .             135             202        403        980
  Interest expense. . . . . . . . . . . . .          (3,112)         (2,922)   (11,728)   (13,296)
  Other, net. . . . . . . . . . . . . . . .           4,999            (379)     4,105        581
                                             ---------------  --------------  ---------  ---------
           Net other income (expense) . . .           2,022          (3,099)    (7,220)   (11,735)
                                             ---------------  --------------  ---------  ---------

           Net income (loss). . . . . . . .           1,716             151     (6,223)    (4,234)

Preferred stock dividends . . . . . . . . .           1,837           1,572      7,343      6,368
                                             ---------------  --------------  ---------  ---------
           Net loss to common shareholders.  $         (121)  $      (1,421)  $(13,566)  $(10,602)
                                             ===============  ==============  =========  =========


 Loss per common share - basic and diluted.  $        (0.01)  $       (0.14)  $  (1.33)  $  (1.04)
                                             ===============  ==============  =========  =========

 Weighted average number of common shares
     outstanding - basic and diluted. . . .          10,217          10,196     10,207     10,162
                                             ===============  ==============  =========  =========
</TABLE>
<TABLE>
<CAPTION>

                            EMERITUS ASSISTED LIVING
                   Same Community Statements of Operations (1)
                                 (In thousands)


                                         Quarter Ended
                                          December 31,
                                  --------------------------
                                       2002          2001
                                  ---------------  ---------
<S>                               <C>              <C>
Operating revenue. . . . . . . .  $       33,516   $ 31,806
Community operating expenses . .         (21,674)   (19,289)
                                  ---------------  ---------
      Community operating income          11,842     12,517
Depreciation and amortization. .          (1,572)    (1,617)
Facility lease expense . . . . .          (6,806)    (6,479)
                                  ---------------  ---------
   Operating Income. . . . . . .           3,464      4,421

Interest expense, net. . . . . .          (2,363)    (2,244)
                                  ---------------  ---------
Results of operations. . . . . .  $        1,101   $  2,177
                                  ===============  =========
</TABLE>


(1)  Same  Communities  represent  those  communities  that  have  been  and are
     expected  to  continue  to  be  operated  by  the Company  on  a  comp-
     arable basis  since January of 2001.  Results exclude corporate  general
     and administrative  costs, and  other  income  and  expense.