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Emeritus Announces Operating Results For First Quarter 2012

The table below shows the reconciliation of net loss to Adjusted EBITDA/EBITDAR for the three months ended March 31, 2012 and 2011 (in thousands):

Three Months Ended
March 31,
2012     2011
Net loss $ (19,395 ) $ (22,678 )
Depreciation and amortization 32,570 28,087
Interest income (104 ) (111 )
Interest expense 39,045 36,264
Net equity losses for unconsolidated joint ventures 392 374
Provision for income taxes 272 281
Amortization of above/below market rents 1,754 1,967
Amortization of deferred gains (269 ) (288 )
Stock-based compensation 2,845 2,343
Change in fair value of derivative financial instruments 211
Deferred revenue (299 ) 486
Deferred straight-line rent 1,202 2,492
Contract buyout costs 6,256
Impairment of long-lived assets 2,135
Gain on sale of investments (1,569 )
Acquisition, development, and financing expenses 321 513
Self-insurance reserve adjustments   397     32  
Adjusted EBITDA 61,077 54,449
Community lease expense, net   28,215     26,537  
Adjusted EBITDAR $ 89,292   $ 80,986  

The following table shows the reconciliation of net cash provided by (used in) operating activities to CFFO and CFFO as adjusted for self-insurance reserves relating to prior years, for the three months ended March 31, 2012 and 2011 (in thousands):

Three Months Ended
March 31,
2012     2011
Net cash provided by (used in) operating activities $ 26,192 $ (266 )
Changes in operating assets and liabilities, net (1,264 ) 15,768
Contract buyout costs 6,256
Repayment of capital lease and financing obligations (3,894 ) (3,395 )
Recurring capital expenditures (4,455 ) (4,322 )
Distributions from unconsolidated joint ventures, net   26     550  
Cash From Facility Operations 16,605 14,591
Self-insurance reserve adjustments, prior years   397     32  
Cash From Facility Operations, as adjusted $ 17,002   $ 14,623  
CFFO per share $ 0.37 $ 0.33
CFFO per share, as adjusted $ 0.38 $ 0.33

The Company defines recurring capital expenditures as actual costs incurred to maintain our communities for their intended business purpose and exclude expenditures for acquisitions, development, expansions and general corporate purposes.

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