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Emeritus Announces Operating Results For Fourth Quarter And Full Year 2011

Total average monthly revenue per occupied unit for the consolidated portfolio increased to $4,065 in 2011 from $3,817 in 2010, a 6.5% improvement. For the total consolidated portfolio, average occupancy in 2011 decreased 60 basis points to 86.3% compared to 86.9% in 2010. The increase in rate and decrease in occupancy were due, in large part, to acquired communities with higher rates and lower levels of occupancy than the Company’s same community portfolio.

Community operating expenses increased $185.0 million to $847.1 million in 2011 compared to $662.1 million in 2010. Approximately $157.6 million of the increase resulted from the acquisition of communities (net of dispositions), while $17.0 million, or an increase of 2.9%, was from the 262 same communities, and $10.4 million was from corporate expenses not allocated to communities, primarily related to changes in self-insurance reserves for claims attributable to prior years.

Community operating income (community revenues less community operating expenses) increased $53.5 million, or 16.1%, to $386.5 million in 2011 compared with $333.0 million in 2010.

General and administrative expenses increased $14.3 million to $88.8 million in 2011 compared to $74.5 million in 2010, with the increase resulting primarily from a labor and benefit expense increase of $11.2 million from additional staffing to support the increase in the Company’s operated portfolio during the latter part of 2010, as well as higher non-cash stock compensation expenses of $2.2 million. As a percent of total operated community revenues, which includes revenues of managed communities, general and administrative expenses, excluding stock compensation expenses, decreased to 4.8% in 2011 compared to 5.5% in 2010.

For the year ended December 31, 2011, adjusted earnings before interest, taxes, depreciation and amortization, and rents (“Adjusted EBITDAR”) increased 21.3% to $346.4 million from $285.6 million for 2010, with the increase primarily driven by the $53.5 million improvement in community operating income. For the same period, CFFO, as adjusted, increased $10.4 million, or 19.4%, to $64.0 million from $53.6 million for 2010.

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