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Emeritus Announces Operating Results For First Quarter 2012

Community operating expenses increased $14.4 million to $213.5 million in the first quarter of 2012 compared to $199.0 million in the 2011 period. Approximately $14.3 million of the increase resulted from the acquisition of communities since the first quarter of 2011 (net of dispositions); community operating expenses for our 296 same communities decreased by $0.1 million between the periods, with the remaining difference resulting from corporate expenses not allocated to communities.

Community operating income increased $8.8 million, or 9.2%, to $104.5 million in the first quarter of 2012 compared to $95.7 million in the first quarter of 2011. As a result of continuing expense controls, community operating margin improved to 32.9%, compared to 32.5% in the first quarter of 2011.

Excluding non-cash stock-based compensation expenses, general and administrative expenses as a percent of total operated community revenue, which includes revenues of managed communities, decreased to 4.9% in the first quarter of 2012, compared to 5.1% in the first quarter of 2011. General and administrative expenses in the first quarter of 2012 increased by less than 1.0% from the prior-year quarter.

For the first quarter of 2012, Adjusted EBITDAR increased $8.3 million, or 10.3%, to $89.3 million, with the increase primarily driven by the $8.8 million increase in community operating income. For the quarter ended March, 31, 2012, cash from facility operations (CFFO), as adjusted, increased to $17.0 million, or $0.38 per share, compared to $14.6 million, or $0.33 per share, in the first quarter of 2011.

2012 First Quarter Same Community Results

As of March 31, 2012, the consolidated Emeritus portfolio consisted of 328 communities, of which 296 communities are included in the Company’s definition of same communities. Total same community revenue increased $0.4 million to $289.6 million in the first quarter of 2012, due primarily to occupancy improvements. Average occupancy increased 20 basis points to 86.7% in the first quarter of 2012 from 86.5% in the prior-year period. Average monthly revenue per occupied unit was $4,104 in the first quarter of 2012, essentially unchanged from the corresponding period in 2011.

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