NEWS  RELEASE
FOR  IMMEDIATE  RELEASE                           Contact:  Raymond  Brandstrom
August  7,  2003                                  Chief  Financial  Officer
                                                  (206) 298-2909

       EMERITUS REPORTS $4 MILLION IMPROVEMENT FOR SECOND QUARTER RESULTS

SEATTLE,  WA,  AUGUST  7, 2003 -- Emeritus Assisted Living (AMEX: ESC) (Emeritus
Corporation),  a  national  provider  of assisted living and related services to
senior  citizens,  today  announced  second  quarter  2003  net  loss  to common
shareholders  of  $932,000 compared to a net loss of $5.7 million for the second
quarter  2002.  Second quarter results include a gain of $1.4 million related to
the  Company's  sale  of  ARV  Assisted  Living  stock,  previously  announced.

Total  revenue  for the quarter increased $15.4 million to $49.4 million for the
second  quarter  of  2003.  The  majority  of  this  increase  came  from  our
acquisitions  of  a  total of 32 communities in October 1, 2002 and May 1, 2003.
Operating  expenses  increased  to $46.8 million for the second quarter 2003, an
increase  of  $11.7 million from the same quarter last year, also primarily from
acquisitions.  Overall,  Income  from  operations,  defined  as  Total Operating
Revenues  less  Total Operating Expenses (exclusive of Interest Income, Interest
Expense,  and  Other, Net) increased $3.7 million from a loss of $1.0 million in
the  second  quarter  of  2002  to an income of $2.6 million in the current year
quarter.  This increase in Income from operations was attributable to same store
rate  and  occupancy  increases,  the  beneficial effect of acquisitions, and an
increase  in  third-party management fees.  Increased General and Administrative
costs  to  accommodate  growth  in  capacity  were  partially  offsetting.

For  the  six months ended June 30, 2003, the Company increased revenue by $26.4
million  to  $96.6  million, primarily from the acquisition of 24 communities in
October  2002.  Operating  Expense  increased  by $22.2 million to $91.3 million
principally from the 24-community acquisition.  Overall, Income from operations,
defined  as Total Operating Revenues less Total Operating Expenses (exclusive of
Interest  Income,  Interest Expense, and Other, Net) increased $4.2 million from
income  of  $1.1  million  in the six months ended June 30, 2002 to an income of
$5.3 million in the current year. Interest expense increased by $724,000 to $6.5
million  primarily related to refinancings in 2002 and 2003.  Net loss to common
shareholders  decreased  $5.8  million  to  a  loss  of $3.2 million for the six
months.

SAME  COMMUNITY  RESULTS
Emeritus  operated  59 Same Store Communities for the first quarter of both 2003
and  2002.  Community  Operating  Income  improved $1.6 million to $13.3 million
from $11.7 million for the same quarter last year.  This increase in Income from
operations  was  primarily  attributable  to  rate and occupancy increases, with
operating  expenses  remaining  flat  year  over  year.  Operating  income after
interest  expense  for  the second quarter was $2.3 million compared to $924,000
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 174 communities
representing  capacity  for  approximately  18,000  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 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 making
satisfactory  arrangements  for  the  continued  operation  of  the  Emeritrust
communities  beyond  June  30,  2003,  when  our management agreements for those
communities  expire.  On  July  2,  2003,  we  executed  an initial extension of
management  agreement  with  respect  to  the  Emeritrust  II  communities.  The
management  and  the  purchase  option  agreement  related  to the Emeritrust II
communities  was  amended  to  expire  October 1, 2003, which will allow us, the
owners  of  the  communities,  and  their  lenders  to  consider  a  longer-term
agreement.   We  continue  to  operate under the existing operating structure of
the  Emeritrust  I  communities  on a day-to-day basis pending resolution of the
terms  of  financing,  management,  and  purchase  option  agreements.  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  and  future  rights  with  respect  to  them.  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         Six Months
                                              ended June 30,       ended June 30,
                                             ---------------      ---------------
                                              2003      2002      2003      2002
                                            --------  --------  --------  --------
<S>                                         <C>       <C>       <C>       <C>
Revenues:
  Community revenue. . . . . . . . . . . .  $45,160   $30,294   $88,246   $62,414
  Other service fees . . . . . . . . . . .    1,041     1,095     2,035     2,095
  Management fees. . . . . . . . . . . . .    3,197     2,626     6,294     5,651
                                            --------  --------  --------  --------
          Total operating revenues . . . .   49,398    34,015    96,575    70,160
                                            --------  --------  --------  --------

Expenses:
  Community operations . . . . . . . . . .   29,785    21,084    58,430    41,646
  General and administrative . . . . . . .    5,811     4,867    11,215     9,790
  Depreciation and amortization. . . . . .    1,840     1,675     3,687     3,526
  Facility lease expense . . . . . . . . .    9,325     7,410    17,929    14,138
                                            --------  --------  --------  --------
          Total operating expenses . . . .   46,761    35,036    91,261    69,100
                                            --------  --------  --------  --------
          Income (loss) from operations. .    2,637    (1,021)    5,314     1,060

Other income (expense):
  Interest income. . . . . . . . . . . . .      173       113       328       222
  Interest expense . . . . . . . . . . . .   (3,229)   (2,852)   (6,502)   (5,778)
  Other, net . . . . . . . . . . . . . . .    1,392      (174)    1,440      (741)
                                            --------  --------  --------  --------
          Net other expense. . . . . . . .   (1,664)   (2,913)   (4,734)   (6,297)
                                            --------  --------  --------  --------

          Net income (loss). . . . . . . .      973    (3,934)      580    (5,237)

Preferred stock dividends. . . . . . . . .    1,905     1,732     3,776     3,729
                                            --------  --------  --------  --------
          Net loss to common shareholders.  $  (932)  $(5,666)  $(3,196)  $(8,966)
                                            ========  ========  ========  ========


Loss per common share - basic and diluted.  $ (0.09)  $ (0.56)  $ (0.31)  $ (0.88)
                                            ========  ========  ========  ========

Weighted average number of common shares
    outstanding - basic and diluted. . . .   10,249    10,200    10,248    10,198
                                            ========  ========  ========  ========
</TABLE>

<TABLE>
<CAPTION>

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

                                                 Quarter Ended
                                                   June 30,
                                             --------------------
                                               2003       2002
                                             ---------  ---------
<S>                                          <C>        <C>
Revenue . . . . . . . . . . . . . . . . . .  $ 33,734   $ 32,204
Community operating expenses. . . . . . . .   (20,416)   (20,518)
                                             ---------  ---------
    Community operating income. . . . . . .    13,318     11,686
Depreciation & amortization . . . . . . . .    (1,521)    (1,465)
Facility lease expense. . . . . . . . . . .    (6,979)    (7,125)
                                             ---------  ---------
    Operating income. . . . . . . . . . . .     4,818      3,096
Interest expense, net . . . . . . . . . . .    (2,476)    (2,172)
                                             ---------  ---------
    Operating income after interest expense  $  2,342   $    924
                                             =========  =========
</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.