Retirement Residences REIT
Encyclopedia
Revera Inc., is a real estate investment trust
in Canada
that operates seniors housing
properties. Formerly named Retirement Residences Real Estate Investment Trust, it used to be publicly traded on the TSX under the symbol RRR.UN and other various symbols.
Revera is the largest provider of accommodation for seniors in Canada
, with 223 retirement and long term care facilities, including 40 facilities in United States
, with an aggregate resident capacity of over 26,500.
In October 2006, PSPIB Destiny Inc., a subsidiary of the Public Sector Pension Investment Board
, a crown corporation, offered to purchase all outstanding units of Retirement REIT at $8.35. As of 2007, PSPIB Destiny Inc. has purchased all shares. All shares have been since delisted from the TSX. Name has been changed to "Revera Inc.".
Real estate investment trust
A real estate investment trust or REIT is a tax designation for a corporate entity investing in real estate. The purpose of this designation is to reduce or eliminate corporate tax. In return, REITs are required to distribute 90% of their taxable income into the hands of investors...
in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
that operates seniors housing
Retirement home
A retirement home is a multi-residence housing facility intended for senior citizens. Typically each person or couple in the home has an apartment-style room or suite of rooms. Additional facilities are provided within the building, including facilities for meals, gathering, recreation, and some...
properties. Formerly named Retirement Residences Real Estate Investment Trust, it used to be publicly traded on the TSX under the symbol RRR.UN and other various symbols.
Revera is the largest provider of accommodation for seniors in Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, with 223 retirement and long term care facilities, including 40 facilities in United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, with an aggregate resident capacity of over 26,500.
In October 2006, PSPIB Destiny Inc., a subsidiary of the Public Sector Pension Investment Board
Public Sector Pension Investment Board
The Public Sector Pension Investment Board is a Canadian crown corporation established by an act of parliament in September 1999. Its mandate is "to manage employer and employee contributions made after April 1, 2000 to the federal Public Service, the Canadian Forces and the Royal Canadian...
, a crown corporation, offered to purchase all outstanding units of Retirement REIT at $8.35. As of 2007, PSPIB Destiny Inc. has purchased all shares. All shares have been since delisted from the TSX. Name has been changed to "Revera Inc.".