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April 1, 2004

Emeritus Assisted Living

Officials of Seattle-based Emeritus Assisted Living, a publicly traded, national provider of assisted living and related services to senior citizens, said it will acquire 14 more communities, 13 of which it managed in 2003. The communities are owned by partnerships that Daniel R. Baty, company CEO, controls and in which he has financial interests. The total cost of the acquisition is expected to be approximately $141.7 million, financed through lease financing of $137.3 million provided by a Newport Beach, Calif., real estate investment trust company and cash and notes of $4.4 million. Emeritus currently holds interests in 174 communities, with capacity for approximately 18,200 residents in 33 states.




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