‘Larger Than Life’: Industry Leaders Pay Tribute After Death of ReNew REIT CEO, Senior Living Pioneer Chapman

Senior living industry pioneer and ReNew REIT CEO George Chapman died on Wednesday, according to a notice from the Toledo, Ohio-based company.

Chapman, who helped found ReNew REIT in 2018 and also was a longtime CEO of the real estate investment trust that later became Welltower (NYSE: WELL), was a “pillar in the industry and the community,” according to his colleagues at ReNew.

“On behalf of our board of directors, management team and employees, we extend our deepest sympathies to his family and friends,” the statement from ReNew reads. “We are proud to carry on his legacy and continue his work in seniors housing. George was our fearless leader, and he will be greatly missed.”

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Chapman is also remembered by friends and colleagues as a role model and mentor.

Chapman, 75, blazed trails in the senior living industry as CEO, President and Chairman of the board of Health Care REIT (HCN), the company that today is known as Welltower.

Welltower CEO Shankh Mitra said Chapman’s impact on the industry has been “immeasurable.”

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“He saw the promise and the role that health care real estate could play in impacting the health and well-being of people as they age,” Mitra said Thursday in a statement. “George understood that companies are living organisms, and through bold leadership, passed on a company that was vastly evolved from that which he inherited in 1996 as its CEO.”

Chapman led the company for 18 years before announcing his retirement in 2014, when he was succeeded by then-leader Tom DeRosa.

“We are all very grateful to George for his many contributions in building the foundations of making Welltower the great company it is today,” Mitra said. “On behalf of the entire Company, I extend my deepest sympathies to George’s family and friends.”

Remembering an industry pioneer

Chapman was a senior living industry pioneer who during his career crafted such notable deals as the senior living industry’s first-ever RIDEA contract with operator Merrill Gardens. Since that deal, RIDEA has become a prominent structure for senior living operators and REITs.

“I have long held that transaction as a standard in that from start to finish that transaction took a total of 60 days,” Bill Pettit, who was president of Merrill Gardens at the time of the first RIDEA deal, noted Wednesday in an email to Senior Housing News.

Pettit described Chapman as a “larger than life personality” within the senior living sector.

“He had vision, he became a close friend to many of the operators he financed, but above all he was the best partner I ever worked with, in good times and tough times,” Pettit wrote. “We will miss him as we look to the future, and we were lucky to have him over the last 25 years as a leader in this industry.”

While at HCN, Chapman worked to build a $25 billion portfolio across the U.S., Canada and the United Kingdom.

Following his time with Health Care REIT, Chapman founded ReNew REIT by teaming up with former colleagues from HCN, focusing initially on private-pay independent living, assisted living and memory care communities.

In 2019, Chapman once again connected with Merrill Gardens, announcing a joint venture to acquire a $385 million senior living portfolio including 28 assisted living and memory care communities.

The JV was established with the intention of transitioning properties that were previously owned by New Senior (NYSE: SNR) to middle-market buildings. Merrill Gardens President Tana Gall shared her reflections of Chapman on Wednesday, writing:

“We are deeply saddened to hear about the passing of George Chapman, a longtime partner of Merrill Gardens and a senior housing visionary. George was a business partner and a friend to many of us, and we will always remember his passion and leadership.

George was instrumental in shaping the senior living industry with his innovative ideas and solutions. He helped our company grow and he cared deeply about the well-being of senior living residents and team members.

We honor his life and legacy, and we extend our heartfelt condolences to his family, friends and colleagues. He will be greatly missed by all who knew him.”

Industry associations Argentum and the American Seniors Housing Association (ASHA) both paid tribute to Chapman Thursday.

“George was an innovator, … a mentor to many in the field who will carry on his great legacy of leadership and service, and a philanthropist who supported numerous organizations and causes,” wrote ASHA President Dave Schless.

Argentum CEO James Balda said he was reacting to the news with “great sadness to lose a leader in the business such as George.”

“He was beloved by many, and his loss will be felt by his work partners at ReNew REIT and his many connections to philanthropic endeavors taken on over the years,” Balda said. “Argentum would like to echo the sentiments of those who knew George best at ReNew who called him a pillar in the industry and the community, and a caring and generous man.”

Tim Regan contributed reporting and writing to this article.

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