Welltower (NYSE: WELL) is renovating dozens of senior residing group break rooms in a transfer geared toward serving to its working companions scale back turnover and enhance employee satisfaction.
The corporate’s capital allocation crew in 2024 and 2025 has began or completed renovations at 90 senior residing worker break rooms, the Toledo, Ohio-based actual property funding belief (REIT) famous Tuesday in a enterprise replace forward of its fourth-quarter earnings name. In a single occasion, Welltower renovated 40 break rooms, overlaying worker areas in virtually three-quarters of the properties managed by considered one of its working companions.
Earlier than-and-after photographs shared by the REIT present worker areas at communities in Texas, Oregon and California reworked with new stainless-steel home equipment and new flooring, cupboards and furnishings.
The transfer is geared toward “delighting site-level workers to rent and retain expertise and finally ship a killer buyer worth proposition,” the corporate famous in its enterprise replace.
In accordance with the REIT, a renovated break room makes a distinction in the case of workers sticking round. In communities with renovated break rooms, Welltower famous that turnover fell 41% within the final quarter versus the beginning of final 12 months. These communities’ turnover charges additionally have been 13% beneath that of unrenovated properties inside the identical operators’ portfolios.
Through Welltower Feb. 11 2025 enterprise replaceWelltower CEO Shankh Mitra has beforehand harassed the significance of senior residing worker break rooms, noting in a 2023 interview that high quality employee-facing areas are a should for senior residing operators as they develop and evolve for the long run.
“We wish to present the trade that in the event you begin from the start with a contemporary method — nothing fancy, simply frequent sense — you may get to a viable mannequin,” he beforehand advised SHN.
Along with renovating dozens of senior residing break rooms, the REIT additionally renovated models at sure communities in its portfolio to create “like-new communities in an trade with no new product.”
The corporate renovated sure communities’ in-unit kitchens to incorporate new backsplashes, inside finishes with “specialty paint designed to contribute to higher indoor air high quality,” and wine storage. Different upgrades included renovating bogs with options like coloration temperature lighting, magnifying mirrors, ergonomic bathroom paper holders that double as seize bars and heated air flow; and rejuvenating group hallways with new paint and carpeting.
Welltower will maintain its fourth-quarter earnings name Wednesday Feb. 12.
