NEWS  RELEASE
FOR  IMMEDIATE  RELEASE                        Contact:  Raymond  Brandstrom
September  2,  2003                                Chief  Financial  Officer
                                                              (206) 298-2909

     EMERITUS ANNOUNCES REPURCHASE OF ITS REMAINING SERIES A PREFERRED STOCK

SEATTLE, WA, SEPTEMBER 2, 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 its remaining
outstanding  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  $5.1  million.  The  Company anticipates recording
one-time  gains  of  approximately $7.6 million, exclusive of transaction costs.
The  purchase  was financed in part through additional mezzanine debt related to
seven  properties.   The  mezzanine  debt  totals  $7.5 million with interest of
12.5%  and  matures  in  2006.

With  this  repurchase,  the  Company has now repurchased its entire outstanding
Series  A  Preferred  Stock.  The original stock had a face value of $25 million
with  approximately  $10.1 million of accrued and unpaid dividends.  The Company
repurchased  the  stock  and  all  accrued  and unpaid dividends for $20 million
resulting  in recording one-time gains of approximately $15 million in the third
quarter.  The  Company financed this repurchase through a lease transfer related
to  three communities, additional mezzanine debt, and the sale-leaseback of four
additional  communities,  which  is  expected  to  close  in  early  September.

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 172 communities
representing  capacity  for  approximately  18,000  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 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.