NEWS  RELEASE
FOR  IMMEDIATE  RELEASE                            Contact:  Raymond  Brandstrom
November  6,  2003                                   Chief  Financial  Officer
                                                         (206) 298-2909

                     EMERITUS REPORTS THIRD QUARTER RESULTS

SEATTLE,  WA, NOVEMBER 6, 2003 -- Emeritus Assisted Living (AMEX: ESC) (Emeritus
Corporation),  a  national  provider  of assisted living and related services to
senior  citizens,  today  announced  third  quarter  2003  net  income to common
shareholders  of  $9.8  million  compared  to a net loss of $4.5 million for the
third  quarter  2002.  Third  quarter  results  include  gains  of $14.5 million
related  to  the  early  retirement  of  the Company's Series A Preferred stock.

Total  Operating  Revenue increased $14.2 million to $50.2 million for the third
quarter.  The  majority  of  this  increase  came  from  the  acquisitions of 32
communities  on  October  1,  2002  and  May  1, 2003.  Total Operating Expenses
increased  $14.0  million to $49.8 million for the third quarter 2003, primarily
from  acquisitions  and  an  impairment  loss on a single community of $950,000.
Excluding  the  impairment  loss,  Income  from  operations,  defined  as  Total
Operating  Revenues less Total Operating Expenses (exclusive of Interest Income,
Interest  Expense,  and  Other, Net) increased $1.1 million to an income of $1.4
million for the current quarter, from income of $243,000 in the third quarter of
2002.  Interest  Expense  increased  by  $473,000 to $3.3 million primarily from
additional  debt  secured  by  the  leasehold interest on communities related to
previously  reported  transactions in December 2002, July 2003, and August 2003.

During  the  third  quarter, the Company entered into a sequence of transactions
that  resulted  in  the  early  retirement of its Series A Preferred stock.  The
Company  used  proceeds  from  the  transfer  of leases on four communities, the
sale/leaseback  of  3  communities,  and  an  increase  in debt on the leasehold
interests  related  to  the  aforementioned  seven communities to repurchase the
Company's  Series A stock.  The Company repurchased the Series A Preferred Stock
and  all  accrued and unpaid dividends for $20 million.  As part of the purchase
agreement,  the  holder of the Series A Preferred Stock agreed to forego accrued
and  unpaid  dividends  of  approximately $10.1 million.  The entire sequence of
transactions  resulted  in  recording  gains  in  the  current  quarter of $14.5
million.  The  Company  recorded income tax expense of $576,000 for the quarter,
primarily  related  to  alternative  minimum  tax  requirements  from  the
sale/leaseback  of  communities  during  the  quarter.  Net  income  to  common
shareholders  improved  by  $14.3  million  to an income of $9.8 million for the
quarter,  inclusive  of  the  gains  and  impairment  loss  discussed  above.

For  the  nine months ended September 30, 2003, the Company increased revenue by
$40.6  million  to  $146.8  million,  primarily  from  the  acquisition  of  32
communities  in October 2002 and May 2003.  Operating Expense increased by $36.1
million to $141.0 million principally from the same acquisitions.  Excluding the
Impairment  loss of $950,000 discussed above, Income from Operations (defined as
Total  Operating  Revenue less Total Operating Expense) improved $5.4 million to
an  income  of  $6.7  million.  Interest  expense increased $1.2 million to $9.8
million  primarily  from  an  increase  in property associated debt on leasehold
interests from the refinance of 11 communities in December 2002 partially offset
by  lower  mortgage  interest  expense  on  the  same communities.  The category
"Other,  net"  expense,  decreased  $2.4  million  to  an income of $1.5 million
primarily  from  a  $1.4  million  gain on redemption of ARV stock in the second
quarter  of  2003  compared to transaction related write-offs of $564,000 in the
first  quarter  of  2002,  and  $173,000  in  the  second  quarter  of  2002.

SAME  COMMUNITY  RESULTS
Emeritus  operated  59 Same Store Communities for the third quarter of both 2003
and  2002.  Community  Operating  Income  improved $2.0 million to $13.7 million
from  $11.7  million  for  the  same  quarter last year, primarily the result of
strong  average  revenue  per  occupied unit growth of $149 (5.8%) and decreased
Community  Operating  Expenses of $540,000 from last year, principally from cost
containment  programs,  revised  insurance programs, and lower bad debt expense.
Net  income  for the third quarter was $2.6 million compared to $953,000 for the
same  quarter  last  year.

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 169 communities
representing  capacity  for  approximately  17,600  residents  in  32  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 report that
are  not  historical  or current facts deal with 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 our actual future
experience  as  a  result  of  such  factors  as: the effects of competition and
economic  conditions  on  the  occupancy  levels in our communities; our ability
under current market conditions to maintain and increase our 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;  our  ability  to  control  community  operation expenses,
including  insurance and utility costs, without adversely affecting the level of
occupancy  and  the level of resident charges; our ability to generate cash flow
sufficient to service our debt and other fixed payment requirements; our ability
to  find sources of financing and capital on satisfactory terms to meet our cash
requirements  to  the  extent  that  they  are  not  met  by operations; and our
continued  management  of  the  Emeritrust I communities beyond January 2, 2004,
when  our  management  agreements  for  those communities could be terminated on
short-term  notice.  While  we believe that these arrangements will be extended,
we  cannot  guarantee  that  these  discussions  will  be  successful or, if the
arrangements  are  extended, what the terms will be.  If we are unsuccessful, we
could lose the management fee revenue from these communities.  We have attempted
to  identify,  in  context, certain of the factors that we currently believe may
cause  actual  future  experience  and  results  to  differ  from  our  current
expectations  regarding  the  relevant  matter or subject area.  These and other
risks  and  uncertainties  are detailed in our reports filed with the Securities
and  Exchange  Commission  (SEC),  including our Annual Reports on Form 10-K and
Quarterly  Reports  on  Form  10-Q.


<TABLE>
<CAPTION>

                                     EMERITUS CORPORATION
                       CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                         (unaudited)
                            (In thousands, except per share data)

                                                       Three Months         Nine Months
                                                    ended September 30,  ended September 30,
                                                    ------------------  --------------------
                                                      2003      2002      2003       2002
                                                    --------  --------  ---------  ---------
<S>                                                 <C>       <C>       <C>        <C>
Revenues:
  Community revenue. . . . . . . . . . . . . . . .  $46,702   $32,226   $134,949   $ 94,640
  Other service fees . . . . . . . . . . . . . . .    1,131     1,149      3,165      3,244
  Management fees. . . . . . . . . . . . . . . . .    2,376     2,662      8,671      8,313
                                                    --------  --------  ---------  ---------
          Total operating revenues . . . . . . . .   50,209    36,037    146,785    106,197
                                                    --------  --------  ---------  ---------

Expenses:
  Community operations . . . . . . . . . . . . . .   32,056    21,474     90,486     63,120
  General and administrative . . . . . . . . . . .    6,151     5,385     17,366     15,175
  Depreciation and amortization. . . . . . . . . .    1,799     1,653      5,486      5,179
  Facility lease expense . . . . . . . . . . . . .    9,767     7,282     27,697     21,420
                                                    --------  --------  ---------  ---------
          Total operating expenses . . . . . . . .   49,773    35,794    141,035    104,894
                                                    --------  --------  ---------  ---------
          Income from operations . . . . . . . . .      436       243      5,750      1,303

Other income (expense):
  Interest income. . . . . . . . . . . . . . . . .      172        46        500        268
  Interest expense . . . . . . . . . . . . . . . .   (3,311)   (2,838)    (9,813)    (8,616)
  Other, net . . . . . . . . . . . . . . . . . . .       97      (153)     1,537       (894)
                                                    --------  --------  ---------  ---------
          Net other expense. . . . . . . . . . . .   (3,042)   (2,945)    (7,776)    (9,242)
                                                    --------  --------  ---------  ---------

          Net loss before income taxes. . .  . . .   (2,606)   (2,702)    (2,026)    (7,939)
          Provision for income taxes . . . . . . .     (576)        -       (576)         -
                                                    --------  --------  ---------  ---------
          Net loss . . . . . . . . . . . . . . . .   (3,182)   (2,702)    (2,602)    (7,939)

Preferred stock dividends. . . . . . . . . . . . .   (1,464)   (1,777)    (5,240)    (5,506)
Gain on repurchase of Series A preferred stock . .   14,465         -     14,465          -
                                                    --------  --------  ---------  ---------
          Net income (loss) to common shareholders  $ 9,819   $(4,479)  $  6,623   $(13,445)
                                                    ========  ========  =========  =========

Income (loss) per common share:
     Basic . . . . . . . . . . . . . . . . . . . .  $  0.96   $ (0.44)  $   0.65   $  (1.32)
                                                    ========  ========  =========  =========

    Diluted. . . . . . . . . . . . . . . . . . . .  $  0.63   $ (0.44)  $   0.59   $  (1.32)
                                                    ========  ========  =========  =========

Weighted average common shares outstanding:
     Basic . . . . . . . . . . . . . . . . . . . .   10,252    10,215     10,249     10,204
                                                    ========  ========  =========  =========

    Diluted. . . . . . . . . . . . . . . . . . . .   18,687    10,215     11,311     10,204
                                                    ========  ========  =========  =========
</TABLE>



<TABLE>
<CAPTION>

                       Emeritus Assisted Living
              Same Community Statements of Operations (1)
                            (In thousands)

                                                Quarter Ended
                                                September 30,
                                             --------------------
                                               2003       2002
                                             ---------  ---------
<S>                                          <C>        <C>
Revenue . . . . . . . . . . . . . . . . . .  $ 34,369   $ 32,918
Community operating expenses. . . . . . . .   (20,674)   (21,214)
                                             ---------  ---------
    Community operating income. . . . . . .    13,695     11,704
Depreciation & amortization . . . . . . . .    (1,527)    (1,462)
Facility lease expense. . . . . . . . . . .    (6,998)    (7,029)
                                             ---------  ---------
    Operating income. . . . . . . . . . . .     5,170      3,213
Interest expense, net . . . . . . . . . . .    (2,574)    (2,260)
                                             ---------  ---------
    Operating income after interest expense  $  2,596   $    953
                                             =========  =========
</TABLE>


(1)  Same Communities represent those communities that have been and are
     expected to continue to be operated by the Company on a comparable
     basis since January of 2002.  Results exclude corporate general and
     administrative costs.