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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<P align="center"><FONT size="2">As filed with the Securities and Exchange Commission on June&nbsp;30, 2003
</FONT>
<P align="right"><FONT size="2">Registration No.&nbsp;333-_______</FONT>

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<div align="center"><FONT size="2"><B>SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</B></FONT></div>

<P align="center"><FONT size="2"><B>FORM S-8<BR>
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B></FONT>
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<P align="center"><FONT size="2"><B>AMERICAN RETIREMENT CORPORATION</B><BR>
(Exact Name of Registrant as Specified in Its Charter)</FONT>

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    <TD align="center" valign="top"><FONT size="2"><B>Tennessee</B><BR>
(State or Other Jurisdiction of<BR>
Incorporation or Organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>62-1674303</B><BR>
(I.R.S. Employer<BR>
Identification No.)</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD align="center" valign="top"><FONT size="2"><B>111 Westwood Place, Suite&nbsp;200<BR>
Brentwood, Tennessee</B><BR>
(Address of Principal Executive Offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><BR>
<B>37027</B><BR>
(Zip Code)</FONT></TD>
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<P align="center"><FONT size="2"><B>AMERICAN RETIREMENT CORPORATION EMPLOYEE STOCK PURCHASE PLAN</B><BR>
(Full Title of the Plan)</FONT>

<P align="center"><FONT size="2">W. E. Sheriff<BR>
111 Westwood Place, Suite&nbsp;200<BR>
Brentwood, Tennessee 37027<BR>
(Name and Address of Agent For Service)</FONT>

<P align="center"><FONT size="2">(615)&nbsp;221-2250<BR>
(Telephone Number, Including Area Code, of Agent For Service)</FONT>

<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B></FONT>

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    <TD nowrap align="center"><FONT size="1"><B>Title of Each Class</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD nowrap align="center"><FONT size="1"><B>of Securities To</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount To</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
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    <TD nowrap align="center"><FONT size="1"><B>Be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Be Registered</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Per Share*</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price*</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
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    <TD><FONT size="1">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Stock, par<BR>
value $.01 per share</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="center"><FONT size="2">250,000 shares</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1.975</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">493,750</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2"></FONT></TD>
    <TD align="right"><FONT size="2">$40</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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      <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="96%"><FONT size="2">The offering price is estimated solely for the purpose of determining
the amount of the registration fee. Such estimate has been calculated in accordance with Rule&nbsp;457(c) and
Rule&nbsp;457(h) and is based upon the average of the high and low prices per share of the Registrant&#146;s
Common Stock as reported on the New York Stock Exchange Composite Transactions tape for June&nbsp;26, 2003.</FONT></TD>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="g83624exv4w3.txt">Ex-4.3 Second Amendment</A></TD></TR>
<TR><TD colspan="9"><A HREF="g83624exv5.htm">Ex-5 Opinion of Bass, Berry & Sims PLC</A></TD></TR>
<TR><TD colspan="9"><A HREF="g83624exv23w2.txt">Ex-23.2 Consent of KPMG LLP</A></TD></TR>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Registration Statement is filed pursuant to General Instruction E of
Form&nbsp;S-8 for the purpose of registering additional shares of common stock, par
value $.01 per share (the &#147;Common Stock&#148;), of American Retirement Corporation,
a Tennessee corporation (the &#147;Registrant&#148;), issuable pursuant to the American
Retirement Corporation Employee Stock Purchase Plan (the &#147;Plan&#148;). The
Registrant&#146;s previously filed Registration Statement on Form&nbsp;S-8 (No.
333-28657), as filed with the Securities and Exchange Commission (the
&#147;Commission&#148;) on June&nbsp;6, 1997, is hereby incorporated herein by reference.
</FONT>
<P align="center"><FONT size="2"><B>PART II</B></FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT>

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    <TD valign="top"><FONT size="2"><B>Item&nbsp; 3.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<B>Incorporation of Documents by Reference</B></FONT></TD>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents previously filed by the Registrant with the
Commission pursuant to the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), are hereby incorporated herein by reference:
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        <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">The Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal year ended December&nbsp;31, 2002;</FONT></TD>
</TR>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">The Registrant&#146;s Quarterly Report on Form&nbsp;10-Q for the fiscal quarter ended March&nbsp;31, 2003;</FONT></TD>
</TR>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">The Registrant&#146;s Current Reports on Form&nbsp;8-K filed on March&nbsp;4, 2003, March&nbsp;6, 2003, May&nbsp;8, 2003 and May&nbsp;8, 2003;</FONT></TD>
</TR>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(d)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">The description of the Registrant&#146;s Common Stock contained in
the Registrant&#146;s Registration Statement on Form&nbsp;8-A filed on May&nbsp;22,
1997, including all amendments and reports filed for the purpose of
updating such description prior to the termination of the offering
of the Common Stock offered hereby; and</FONT></TD>
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        <TD><FONT size="2">&nbsp;</FONT></TD>
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        <TD width="6%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="1%" align="left" nowrap><FONT size="2">(e)</FONT></TD>
        <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
        <TD width="90%"><FONT size="2">The description of the Registrant&#146;s Common Stock purchase
rights contained in the Registration Statement on Form&nbsp;8-A filed on
November&nbsp;25, 1998, including all amendments and reports filed for
the purpose of updating such description prior to the termination of
the offering of the Common Stock offered hereby.</FONT></TD>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information furnished under Items 9 and 12 of our Current Reports on Form
8-K, including the related exhibits, is not incorporated by reference in this
registration statement.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All reports and other documents filed by the Registrant pursuant to
Sections&nbsp;13(a), 13(c), 14, and 15(d) of the Exchange Act after the date hereof
and prior to the filing of a post-effective amendment to this Registration
Statement that indicates that all securities offered hereby have been sold or
that deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference herein and to be a part hereof from the date of
filing of such documents. Any statements contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes hereof to the extent that a statement contained
herein, or in any other subsequently filed document that also is incorporated
or is deemed to be incorporated by reference herein, modifies or supersedes
such statement. Any statement so modified or superseded shall not be deemed to
constitute a part hereof except as so modified or superseded.
</FONT>
<P align="center"><FONT size="2">II-1</FONT>
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    <TD valign="top"><FONT size="2"><B>Item&nbsp; 8.</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"><B>Exhibits</B></FONT></TD>
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    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">American Retirement Corporation
Employee Stock Purchase Plan (incorporated by reference to Exhibit&nbsp;10.2 to
the Registrant&#146;s Registration Statement on Form&nbsp;S-1 (Registration
No.&nbsp;333-23197)).</FONT></TD>
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    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Amendment to American Retirement Corporation Employee
Stock Purchase Plan (incorporated by reference to Exhibit&nbsp;10.4 to
the Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal year
ended December&nbsp;31, 1997).</FONT></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Second Amendment to American
Retirement Corporation Employee Stock Purchase Plan.</FONT></TD>
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    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Bass, Berry &#038; Sims PLC.</FONT></TD>
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    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Consent of Bass, Berry &#038;
Sims PLC (included in Exhibit&nbsp;5).</FONT></TD>
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    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of KPMG LLP.</FONT></TD>
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<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Powers of Attorney (included at
pages II-3 and II-4).</FONT></TD>
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<P align="center"><FONT size="2">II-2</FONT>
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<P align="center"><FONT size="2"><B>SIGNATURES</B></FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8, and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Nashville, State of Tennessee, on this 30th day
of June, 2003.
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    <TD colspan="3" align="left" valign="top"><FONT size="2"><B>AMERICAN RETIREMENT CORPORATION</B></FONT></TD>
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    <TD colspan="4" valign="top"><FONT size="2">&nbsp;</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left"><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">/s/ W. E. Sheriff</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Name:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">W. E. Sheriff</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Title:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman and Chief Executive Officer</FONT></TD>
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<P align="center"><FONT size="2"><B>POWER OF ATTORNEY</B></FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, each person whose signature appears below
hereby constitutes and appoints W. E. Sheriff and Bryan D. Richardson, or
either of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his or her
name, place, and stead, in any and all capacities, to sign any and all
amendments (including without limitation, post-effective amendments) to this
Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or their
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
</FONT>
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    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Capacity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
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<TD valign="top"><FONT size="2">
/s/ W. E. Sheriff<br>
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W. E. Sheriff</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Chairman, Chief Executive<BR>
Officer and Director<BR>
(Principal Executive Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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<TD valign="top"><FONT size="2">/s/ Bryan D. Richardson<br>
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Bryan D. Richardson</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Executive Vice President and<BR>
Chief Financial Officer<BR>
(Principal Financial and<BR>
Accounting Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
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<TD valign="top"><FONT size="2">/s/ Frank M. Bumstead<br>
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Frank M. Bumstead</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">/s/ Christopher J. Coates<br>
<HR align="left" size="1" width="75%" noshade>
Christopher J. Coates</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2"><HR align="left" size="1" width="75%" noshade>
Clarence Edmonds</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2"></FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-3</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Signature</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Capacity</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Date</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">/s/ John A. Morris, Jr., M.D.<br>
<HR align="left" size="1" width="75%" noshade>
John A. Morris, Jr., M.D.</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">/s/ Daniel K. O&#146;Connell<br>
<HR align="left" size="1" width="75%" noshade>
Daniel K. O&#146;Connell</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">/s/ Nadine C. Smith<br>
<HR align="left" size="1" width="75%" noshade>
Nadine C. Smith</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
</TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR valign="bottom">
<TD valign="top"><FONT size="2">/s/ Lawrence J. Stuesser<br>
<HR align="left" size="1" width="75%" noshade>
Lawrence J. Stuesser</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Director</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">June 30, 2003</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">II-4</FONT>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="center"><FONT size="2"><B>EXHIBIT INDEX</B></FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="90%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Exhibit</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>Number</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><FONT size="1"><B>Exhibit Description</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
American Retirement Corporation Employee Stock Purchase Plan
(incorporated by reference to Exhibit&nbsp;10.2 to the Registrant&#146;s
Registration Statement on Form&nbsp;S-1 (Registration No.&nbsp;333-23197)).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
First Amendment to American Retirement Corporation Employee
Stock Purchase Plan (incorporated by reference to Exhibit&nbsp;10.4 to
the Registrant&#146;s Annual Report on Form&nbsp;10-K for the fiscal year
ended December&nbsp;31, 1997).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">4.3</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Second Amendment to American Retirement Corporation Employee Stock Purchase Plan.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Bass, Berry &#038; Sims PLC.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Bass, Berry &#038; Sims PLC (included in Exhibit&nbsp;5).</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of KPMG LLP.</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney (included at pages II-3 and II-4).</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">II-5</FONT>



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American Retirement Corporation
Table of Contents
As filed with the Securities and Exchange Commission on June 30, 2003
Registration No. 333-_______
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
AMERICAN RETIREMENT CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
Tennessee
(State or Other Jurisdiction of
Incorporation or Organization)
62-1674303
(I.R.S. Employer
Identification No.)
111 Westwood Place, Suite 200
Brentwood, Tennessee
(Address of Principal Executive Offices)
37027
(Zip Code)
AMERICAN RETIREMENT CORPORATION EMPLOYEE STOCK PURCHASE PLAN
(Full Title of the Plan)
W. E. Sheriff
111 Westwood Place, Suite 200
Brentwood, Tennessee 37027
(Name and Address of Agent For Service)
(615) 221-2250
(Telephone Number, Including Area Code, of Agent For Service)
CALCULATION OF REGISTRATION FEE
Title of Each Class
Proposed Maximum
Proposed Maximum
of Securities To
Amount To
Offering Price
Aggregate Offering
Amount of
Be Registered
Be Registered
Per Share*
Price*
Registration Fee
Common Stock, par
value $.01 per share
250,000 shares
$
1.975
$
493,750
$40
*
The offering price is estimated solely for the purpose of determining
the amount of the registration fee. Such estimate has been calculated in accordance with Rule 457(c) and
Rule 457(h) and is based upon the average of the high and low prices per share of the Registrant's
Common Stock as reported on the New York Stock Exchange Composite Transactions tape for June 26, 2003.
TABLE OF CONTENTS
SIGNATURES
POWER OF ATTORNEY
EXHIBIT INDEX
Ex-4.3 Second Amendment
Ex-5 Opinion of Bass, Berry & Sims PLC
Ex-23.2 Consent of KPMG LLP
Table of Contents
This Registration Statement is filed pursuant to General Instruction E of
Form S-8 for the purpose of registering additional shares of common stock, par
value $.01 per share (the "Common Stock"), of American Retirement Corporation,
a Tennessee corporation (the "Registrant"), issuable pursuant to the American
Retirement Corporation Employee Stock Purchase Plan (the "Plan"). The
Registrant's previously filed Registration Statement on Form S-8 (No.
333-28657), as filed with the Securities and Exchange Commission (the
"Commission") on June 6, 1997, is hereby incorporated herein by reference.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item  3.
Incorporation of Documents by Reference
The following documents previously filed by the Registrant with the
Commission pursuant to the Securities Exchange Act of 1934, as amended (the
"Exchange Act"), are hereby incorporated herein by reference:
(a)
The Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2002;
(b)
The Registrant's Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2003;
(c)
The Registrant's Current Reports on Form 8-K filed on March 4, 2003, March 6, 2003, May 8, 2003 and May 8, 2003;
(d)
The description of the Registrant's Common Stock contained in
the Registrant's Registration Statement on Form 8-A filed on May 22,
1997, including all amendments and reports filed for the purpose of
updating such description prior to the termination of the offering
of the Common Stock offered hereby; and
(e)
The description of the Registrant's Common Stock purchase
rights contained in the Registration Statement on Form 8-A filed on
November 25, 1998, including all amendments and reports filed for
the purpose of updating such description prior to the termination of
the offering of the Common Stock offered hereby.
Information furnished under Items 9 and 12 of our Current Reports on Form
8-K, including the related exhibits, is not incorporated by reference in this
registration statement.
All reports and other documents filed by the Registrant pursuant to
Sections 13(a), 13(c), 14, and 15(d) of the Exchange Act after the date hereof
and prior to the filing of a post-effective amendment to this Registration
Statement that indicates that all securities offered hereby have been sold or
that deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference herein and to be a part hereof from the date of
filing of such documents. Any statements contained in a document incorporated
or deemed to be incorporated by reference herein shall be deemed to be modified
or superseded for purposes hereof to the extent that a statement contained
herein, or in any other subsequently filed document that also is incorporated
or is deemed to be incorporated by reference herein, modifies or supersedes
such statement. Any statement so modified or superseded shall not be deemed to
constitute a part hereof except as so modified or superseded.
II-1
Table of Contents
Item  8.
Exhibits
4.1
American Retirement Corporation
Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.2 to
the Registrant's Registration Statement on Form S-1 (Registration
No. 333-23197)).
4.2
First Amendment to American Retirement Corporation Employee
Stock Purchase Plan (incorporated by reference to Exhibit 10.4 to
the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 1997).
4.3
Second Amendment to American
Retirement Corporation Employee Stock Purchase Plan.
5
Opinion of Bass, Berry & Sims PLC.
23.1
Consent of Bass, Berry &
Sims PLC (included in Exhibit 5).
23.2
Consent of KPMG LLP.
24
Powers of Attorney (included at
pages II-3 and II-4).
II-2
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8, and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Nashville, State of Tennessee, on this 30th day
of June, 2003.
AMERICAN RETIREMENT CORPORATION
By:
/s/ W. E. Sheriff
Name:
W. E. Sheriff
Title:
Chairman and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, each person whose signature appears below
hereby constitutes and appoints W. E. Sheriff and Bryan D. Richardson, or
either of them, his or her true and lawful attorney-in-fact and agent, with
full power of substitution and resubstitution, for him or her and in his or her
name, place, and stead, in any and all capacities, to sign any and all
amendments (including without limitation, post-effective amendments) to this
Registration Statement, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorney-in-fact and agent full power and
authority to do and perform each and every act and thing requisite and
necessary to be done in and about the premises, as fully to all intents and
purposes as he or she might or could do in person, hereby ratifying and
confirming all that said attorneys-in-fact and agents or any of them, or their
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the dates indicated.
Signature
Capacity
Date
/s/ W. E. Sheriff
W. E. Sheriff
Chairman, Chief Executive
Officer and Director
(Principal Executive Officer)
June 30, 2003
/s/ Bryan D. Richardson
Bryan D. Richardson
Executive Vice President and
Chief Financial Officer
(Principal Financial and
Accounting Officer)
June 30, 2003
/s/ Frank M. Bumstead
Frank M. Bumstead
Director
June 30, 2003
/s/ Christopher J. Coates
Christopher J. Coates
Director
June 30, 2003
Clarence Edmonds
Director
II-3
Table of Contents
Signature
Capacity
Date
/s/ John A. Morris, Jr., M.D.
John A. Morris, Jr., M.D.
Director
June 30, 2003
/s/ Daniel K. O'Connell
Daniel K. O'Connell
Director
June 30, 2003
/s/ Nadine C. Smith
Nadine C. Smith
Director
June 30, 2003
/s/ Lawrence J. Stuesser
Lawrence J. Stuesser
Director
June 30, 2003
II-4
Table of Contents
EXHIBIT INDEX
Exhibit
Number
Exhibit Description
4.1
American Retirement Corporation Employee Stock Purchase Plan
(incorporated by reference to Exhibit 10.2 to the Registrant's
Registration Statement on Form S-1 (Registration No. 333-23197)).
4.2
First Amendment to American Retirement Corporation Employee
Stock Purchase Plan (incorporated by reference to Exhibit 10.4 to
the Registrant's Annual Report on Form 10-K for the fiscal year
ended December 31, 1997).
4.3
Second Amendment to American Retirement Corporation Employee Stock Purchase Plan.
5
Opinion of Bass, Berry & Sims PLC.
23.1
Consent of Bass, Berry & Sims PLC (included in Exhibit 5).
23.2
Consent of KPMG LLP.
24
Powers of Attorney (included at pages II-3 and II-4).
II-5