NEWS  RELEASE
FOR  IMMEDIATE  RELEASE                            Contact:  Raymond  Brandstrom
July  31,  2003                                    Chief  Financial  Officer
                                                   (206) 298-2909

       EMERITUS ANNOUNCES REPURCHASE OF HALF ITS SERIES A PREFERRED STOCK

SEATTLE,  WA,  JULY  31,  2003 -- Emeritus Assisted Living (AMEX: ESC) (Emeritus
Corporation),  a  national  provider  of assisted living and related services to
senior  citizens, announced today that the Company repurchased half its Series A
Preferred  Stock.  Emeritus  purchased shares with a face value of $12.5 million
for  $10 million.  As part of the purchase agreement, the holder of the Series A
Preferred  Stock  has  agreed  to  forego  accrued  and  unpaid  dividends  of
approximately $4.7 million.  The Company anticipates recording one-time gains of
approximately  $7.2  million,  exclusive  of  transaction  costs,  in  the third
quarter.  The  purchase  was  financed  through  the  previously announced lease
transfer  of  three  communities in which the Company raised $10.2 million.  The
Company  holds  an  option,  which expires on August 31, 2003, to repurchase the
remaining  half  of  the  Series  A  Preferred  Stock  under  the  same  terms.

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  as  our management agreements for those communities expire. 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.