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 A nursing home is a facility for the residential care of elderly or disabled people. Nursing homes may also be referred to as skilled nursing facility (SNF) or long-term care facilities. Often, these terms have slightly different meanings to i ...

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

real estate investment trust A real estate investment trust (REIT) is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of commercial real estate, including office and apartment buildings, warehouses, hospitals, shopping cente ...

(REIT) that was

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

on the

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

(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 an act of Parliament in September 1999. PSP Investments is one of Canada's largest pension investment managers, with CAD $204.5 billion of n ...

in 2007.

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 ( ), historically known as Toronto Township, is a city in the Canadian province of Ontario. It is situated on the shores of Lake Ontario in the Regional Municipality of Peel, adjoining the western border of Toronto. With a popul ...

, Ontario. A former Mississauga mayor,

Hazel McCallion Hazel McCallion, (; born February 14, 1921) is a Canadian businesswoman and retired politician who served as the fifth mayor of Mississauga, Ontario, from 1978 until 2014. She is the first and current chancellor of Sheridan College. McCallion ...

, was appointed as the company's first "Chief Elder Officer" in November 2015. In a first for the

senior living Senior living is a concept that encompasses a range of housing and lifestyle options for ageing persons adapted to the challenges of health issues associated with ageing, such as limited mobility and susceptibility to illness. Common forms Based o ...

sector in Canada, Revera hired a chief medical officer (Dr. Rhonda Collins) in October 2017.

Recent history

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

Canadian Crown corporation Crown corporations in Canada are government organizations with a mixture of Commerce, commercial and Public policy, public-policy objectives.Tupper, Allan. 2006 February 7.Crown Corporation" ''The Canadian Encyclopedia'' (last edited 2021 March 1 ...

) 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 officially traded on a stock exchange. Some stock exchanges allow shares of a foreign company to be listed and may allow dual listing, su ...

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 Extendicare Inc. is a Canadian for-profit long-term care (LTC) provider that offers housing, care and related services to seniors. It operates over 100 care facilities and is based in Markham, Ontario. The company operates retirement residen ...

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 Welltower Inc. is a real estate investment trust that invests in healthcare infrastructure. Based on its 2021 revenue, it ranked 630th on the 2021 Fortune 1000, and is a component of the S&P 500. As of early 2021, the firm had an enterprise value ...

, 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 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.

References

External links

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