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] Its CEO is Thomas G. Wellner and was formerly Jeffrey Lozon.[4]
| Company type | Subsidiary |
|---|---|
| Industry | Seniors' housing |
| Founded | 1961  |
| Headquarters | Mississauga, Ontario , Canada |
Key people |
|
| Parent | Public Sector Pension Investment Board[1] |
| Website | reveraliving |
Overview
editThrough 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.[5]
Revera is headquartered in Mississauga, Ontario.[6] A former Mississauga mayor, Hazel McCallion, was appointed as the company's first "Chief Elder Officer" in November 2015.[7] In a first for the senior living sector in Canada, Revera hired a chief medical officer (Dr. Rhonda Collins) in October 2017.[8]
Controversy
editIn 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.[9] 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.[10] In 2015, Extendicare purchased Revera Home Health, incorporating it into its Paramed Home Health division.[11]
In 2014, Thomas G. Wellner was appointed as Revera's president and CEO.[12] 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.[13]
In January 2019, Revera was facing approximately 85 lawsuits across Canada for neglect contributing to death.[14]
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.[15]
References
edit- ^ a b "Revera Inc" (PDF). Public Sector Pension Investment Board. Retrieved 1 November 2020.
- ^ 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. - ^ a b "Public Sector Pension Investment Board completes acquisition of Retirement Residences Real Estate Investment Trust". PSP Investments. Retrieved 1 November 2020.
- ^ "Jeffrey Lozon, MHSA '78 | Public Health". www.ualberta.ca. Retrieved 19 February 2024.
- ^ "About Revera".
- ^ "uReport: Revera Inc. opens new office with ribbon cutting ceremony". Mississauga.com. 13 June 2017. Retrieved 7 December 2017.
- ^ "Revera Appoints Hazel McCallion as Chief Elder Officer". Newswire. Retrieved 10 August 2018.
- ^ "News releases".
- ^ "Retirement Residences agrees to takeover". The Globe and Mail. Retrieved 1 November 2020.
- ^ "Revera acquisition of Comcare Limited to create new Canadian home care industry leader". Newswire. Retrieved 10 August 2018.
- ^ "Welcome to Extendicare" (PDF).
- ^ "Revera Board Appoints Thomas G. Wellner as President and Chief Executive Officer". Newswire. Retrieved 10 August 2018.
- ^ "Welltower, Revera Complete $582 Million Regal Acquisition". Senior Housing News. 26 October 2015. Retrieved 7 December 2017.
- ^ "Families sue care homes, alleging neglect contributed to death of loved ones". CBC. Retrieved 7 January 2019.
- ^ "Winnipeg mayor calls deaths at care home 'sickening,' pushes province to do more to prevent COVID-19 outbreaks". Retrieved 25 August 2023.
External links
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