George L. Chapman III, a longtime leader in real estate investment trusts, passed away on Wednesday in his residence in Naples, Florida. He was most recently serving as the chief executive and co-founder of ReNew REIT, which is based in Toledo. In addition, he was on the board of trustees for the university and a philanthropist to the community. He was 75 years old.
His family reported that he had experienced an intracerebral hemorrhage, which occurred 22 days previously. After retiring in 2014 from his positions as chairman, president, and chief executive officer of the publicly traded Health Care REIT, which is now known as Welltower Inc., Mr. Chapman also owned a residence in his hometown of Maumee. According to a biography that can be found on the website of ReNew REIT, “Under his leadership, Health Care REIT’s market capitalization increased to $15.5 billion from $394 million, and enterprise value increased from $633 million to $25.9 billion.”
He had a significant role in the development of the corporation, which would eventually become the eighth largest real estate investment trust (REIT), the largest health care REIT, and a member of the S&P 500. Bruce Thompson, who had previously served as chairman and CEO of the company, worked alongside Frederic D. “Fritz” Wolfe to establish the company in 1970. When it came to establishing a real estate investment trust that was only focused on health care properties, the two individuals were considered to be pioneers.
In 1992, Mr. Chapman became an executive vice president and general counsel for the company. Four years later, he was promoted to the position of chairman and chief executive officer. Scott Brinker, president and chief executive of Healthpeak Properties in Denver and a former executive at Welltower, stated in an email to his employees that the expansion of health care real estate investment trusts (REITs) includes new sub-sectors, new nations, and new investment formats.
ReNew is a privately held real estate investment trust that specializes on senior housing communities. Mr. Chapman was a person who contributed to the establishment of ReNew in 2018. The company said in a statement that was published on its website that George was a loving and generous individual. “He was a pillar in the industry and the community,” the statement read. We take great pride in carrying on his legacy and continuing the work that he did in the field of senior housing. It is with tremendous sadness that we say goodbye to George, who was our brave leader.
Mr. Chapman was appointed to the position of trustee of the Medical College of Ohio in 1999 by the Governor at the time, Bob Taft. He also served as the board chairman of the Medical University of Ohio, which was established as a result of the merger of the University of Toledo and the Medical College of Ohio in 2006. In December 2022, the board of trustees of the University of Tennessee nominated him for a two-year term as a nonvoting “national trustee.” He had previously served as a trustee emeritus for the university.
The year 2016 saw Mr. Chapman and his wife make a donation of one million dollars toward the construction of a basketball office facility at Savage Arena. Mr. Chapman was a standout basketball player at both Maumee High School and Cornell University. It was a source of great pride for George that he attended Cornell University, despite the fact that he had attended public school. According to his lifelong friend Lynn Olman, “his heart has always been the city of Toledo.” “He wanted the University of Toledo to become as much as it could as a Toledo staple.”
During the men’s basketball team’s participation in the Gulf Coast Showcase in Estero, Florida, the Chapmans extended their hospitality to the coaches and players of the University of Tennessee by providing them with a Thanksgiving feast in November of last year. “He is an incredible friend,” stated Tod Kowalczyk, the head coach of the men’s basketball team at the University of Tennessee. “More importantly he was a great role model and a mentor of mine.”
It was Mr. Chapman who provided the following piece of advice, which Mr. Kowalczyk has written down: “Never forget that you are a teacher positively affecting these men for the rest of their lives.” “He treated people with respect,” Mr. Kowalczyk also had to say about him. His presence was palpable, and he possessed an extraordinary level of intelligence regarding a wide range of topics that pertain to life. He had such a significant impact on a great number of various aspects of this community.
In 1947, on May 18th, Mr. Chapman was born to his parents, who were formerly known as Betsy Idtse and George L. Chapman, Jr. During his time at Maumee High School, he participated in a variety of sports, including basketball, football, and baseball. His teammate, Mr. Olman, was a former adversary of his when they were active on competing youth sports teams. Despite the fact that Mr. Chapman graduated from Cornell University and Mr. Olman graduated from Ohio University, they continued to be friends and eventually became housemates again. They were each other’s best men at their respective weddings.
At one point in his career, Mr. Chapman was employed at Maumee Valley Country Day School, where he not only coached basketball and football but also taught history and economics there. A graduate of the University of Chicago, he started his legal career working for a firm in Minnesota. In 1982, he joined the Toledo law firm of Shumaker, Loop & Kendrick as a partner. He obtained his law degree from the University of Chicago.
