Revera (company)

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.[1] 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.[2] Its CEO is Thomas G. Wellner and was formerly Jeffrey Lozon.[3]

Overview

Through various partnerships, Revera owns or operates more than 500 properties in Canada, the United States and the United Kingdom. [4] 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

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.[9] In 2007, PSPIB Destiny Inc. completed the purchase of all units, which were subsequently delisted from the TSX.[2] 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]

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