Revera

From Wikipedia, the free encyclopedia
Revera Inc.
TypeSubsidiary
IndustrySeniors' housing
Founded1961 Edit this on Wikidata
Headquarters
Mississauga, Ontario
,
Canada
Key people
    • Thomas G. Wellner
      (President and CEO)
ParentPublic Sector Pension Investment Board[1]
Websitereveraliving.com

Revera Inc. is a Canadian company that provides accommodation, care and services for seniors. It owns and operates retirement residences and long-term care facilities.[2] Formerly named Retirement Residences Real Estate Investment Trust, it used to be a real estate investment trust (REIT) that was publicly traded on the Toronto Stock Exchange (TSX), but it was acquired by the Public Sector Pension Investment Board in 2007.[3]

Overview[]

Through various partnerships, Revera owns or operates more than 500 properties in Canada, the United States and the United Kingdom. [1] These properties offer housing and related services to older adults.[4]

Revera is headquartered in Mississauga, Ontario.[5] A former Mississauga mayor, Hazel McCallion, was appointed as the company's first "Chief Elder Officer" in November 2015.[6] In a first for the senior living sector in Canada, Revera hired a chief medical officer (Dr. Rhonda Collins) in October 2017.[7]

Recent history[]

In October 2006, PSPIB Destiny Inc., a subsidiary of the Public Sector Pension Investment Board (a Canadian Crown corporation) offered to purchase all outstanding units of Retirement Residences REIT at $8.35 per unit.[8] In 2007, PSPIB Destiny Inc. completed the purchase of all units, which were subsequently delisted from the TSX.[3] The company's name was then changed to Revera Inc.

In 2011, Revera acquired Comcare and became one of Canada's largest home care providers.[9] In 2015, Extendicare purchased Revera Home Health, incorporating it into its Paramed Home Health division.[10]

In 2014, Thomas G. Wellner was appointed as Revera's president and CEO.[11] Also in 2014, Revera, in partnership with Health Care REIT (HCN), acquired the management company of Sunrise Senior Living. In 2015, Revera, in partnership with Welltower, acquired Regal Lifestyle Communities.[12]

In January 2019, Revera was facing approximately 85 lawsuits across Canada for neglect contributing to death.[13]

In Manitoba, a number of covid outbreaks took place in Revera managed care homes. As of November 26th, 48 people died at Maples, 28 at Parkview Place, 4 at Heritage Lodge and one each at Poseidon and Beacon Hill Lodge. Revera was in the news as a paramedic whistleblower revealed insufficient staffing, multiple deaths, and widespread dehydration and hunger among residents at one home, where 8 residents died over the course of a weekend. [14]

References[]

  1. ^ a b "Revera Inc" (PDF). Public Sector Pension Investment Board. Retrieved 2020-11-01.
  2. ^ HealthCare, Genesis. "Genesis HealthCare To Acquire 24 Skilled Nursing Facilities From Revera Inc". PR Newswire. Retrieved 7 December 2017.
    - "Home Health Care Services". Paramed. Retrieved 10 August 2018.
  3. ^ a b "Public Sector Pension Investment Board completes acquisition of Retirement Residences Real Estate Investment Trust". PSP Investments. Retrieved 2020-11-01.
  4. ^ "About Revera".
  5. ^ "uReport: Revera Inc. opens new office with ribbon cutting ceremony". Mississauga.com. 13 June 2017. Retrieved 7 December 2017.
  6. ^ "Revera Appoints Hazel McCallion as Chief Elder Officer". Newswire. Retrieved 10 August 2018.
  7. ^ "News releases".
  8. ^ "Retirement Residences agrees to takeover". The Globe and Mail. Retrieved 2020-11-01.
  9. ^ "Revera acquisition of Comcare Limited to create new Canadian home care industry leader". Newswire. Retrieved 10 August 2018.
  10. ^ "Welcome to Extendicare" (PDF).
  11. ^ "Revera Board Appoints Thomas G. Wellner as President and Chief Executive Officer". Newswire. Retrieved 10 August 2018.
  12. ^ "Welltower, Revera Complete $582 Million Regal Acquisition". Senior Housing News. 26 October 2015. Retrieved 7 December 2017.
  13. ^ "Families sue care homes, alleging neglect contributed to death of loved ones". CBC. Retrieved 7 January 2019.
  14. ^ https://www.cbc.ca/news/canada/manitoba/bowman-maples-care-home-1.5795037. {{cite web}}: Missing or empty |title= (help)

External links[]


Stub icon

This article about a Canadian corporation or company is a stub. You can help Wikipedia by .

  • v
  • t
Stub icon

This real estate article is a stub. You can help Wikipedia by .

  • v
  • t
Retrieved from ""