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. Formerly named Retirement Residences Real Estate Investment Trust, it used to be a

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

(REIT) that was

publicly traded A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

on the

Toronto Stock Exchange The Toronto Stock Exchange (TSX; ) is a stock exchange located in Toronto, Ontario, Canada. It is the List of stock exchanges, 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in th ...

(TSX), but it was acquired by the

Public Sector Pension Investment Board The Public Sector Pension Investment Board (PSP Investments) is a Canadian Crown corporation established by the Parliament of Canada in September 1999 through the ''Public Sector Pension Investment Board Act''. PSP Investments is one of Canada's ...

in 2007. Its CEO is Thomas G. Wellner and was formerly Jeffrey Lozon.

Overview

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

Mississauga Mississauga is a Canadian city in the province of Ontario. Situated on the north-western shore of Lake Ontario in the Regional Municipality of Peel, it borders Toronto (Etobicoke) to the east, Brampton to the north, Milton to the northwest, ...

, Ontario. A former Mississauga mayor,

Hazel McCallion Hazel Mary Muriel McCallion (; February 14, 1921 – January 29, 2023) was a Canadian politician who served as the fifth mayor of Mississauga. First elected in November 1978, McCallion was mayor for 36 years until her retirement in 2014, makin ...

, was appointed as the company's first "Chief Elder Officer" in November 2015. In a first for the senior living sector in Canada, Revera hired a chief medical officer (Dr. Rhonda Collins) in October 2017.

Controversy

In October 2006, PSPIB Destiny Inc., a subsidiary of the

(a Canadian Crown corporation) offered to purchase all outstanding units of Retirement Residences REIT at $8.35 per unit. In 2007, PSPIB Destiny Inc. completed the purchase of all units, which were subsequently

delisted In corporate finance, a listing refers to the company's shares being on the list (or board) of stock that are publicly listed. Some stock exchanges allow shares of a foreign company to be listed and may allow dual listing, subject to conditions. ...

from the TSX. 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. In 2015, Extendicare purchased Revera Home Health, incorporating it into its Paramed Home Health division. In 2014, Thomas G. Wellner was appointed as Revera's president and CEO. 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. In January 2019, Revera was facing approximately 85 lawsuits across Canada for neglect contributing to death. 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.

References

External links

* Real estate companies of Canada Housing for the elderly {{realestate-stub