Revera (company)

Last updated

Revera Inc.
Company type Subsidiary
Industry Seniors' housing
Founded1961  OOjs UI icon edit-ltr-progressive.svg
Headquarters
Mississauga, Ontario
,
Canada
Key people
    • Thomas G. Wellner
      (President and CEO)
Parent Public Sector Pension Investment Board [1]
Website reveraliving.com

Revera Inc. was a Canadian company that provided accommodation, care and services for seniors. It owned and operated 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]

Contents

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 26, 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]

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References

  1. 1 2 "Revera Inc" (PDF). Public Sector Pension Investment Board. Retrieved 1 November 2020.
  2. HealthCare, Genesis. "Genesis HealthCare To Acquire 24 Skilled Nursing Facilities From Revera Inc". PR Newswire (Press release). Retrieved 7 December 2017.
    - "Home Health Care Services". Paramed. Retrieved 10 August 2018.
  3. 1 2 "Public Sector Pension Investment Board completes acquisition of Retirement Residences Real Estate Investment Trust". PSP Investments. Retrieved 1 November 2020.
  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 1 November 2020.
  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. "Winnipeg mayor calls deaths at care home 'sickening,' pushes province to do more to prevent COVID-19 outbreaks" . Retrieved 25 August 2023.