I was saddened to learn that my friend George Chapman has just passed away. I had known George since the 1980s when he was working under Bruce Thompson, the co-founder and CEO of Health Care REIT (now Welltower). We started with a very friendly relationship when Bruce found out that he and I both went to the same Connecticut prep school. Bruce never let it drop, and George continued on with the teasing over the years. Back then, I never saw one without the other.
Not many people know that Health Care REIT started as the Health Care Fund, and then changed its tax status to a REIT. It was the first healthcare-focused, and really long-term care focused, REIT in existence. And this was when there were just not many capital providers around for long-term care owners and operators. When Bruce retired in 1996, George took over as CEO and grew the REIT to a size Bruce and his Co-founder, Fritz Wolf, never would have imagined. Under his leadership, he started the trend of doing RIDEA transactions after the Great Recession, with several other REITs following his lead. Now, billions of dollars of RIDEA transactions have closed.
George was a true gentleman, a trait that we need to see more of in business. He didn’t scream at his tenants nor threaten them. He could always work it out. His customers became his friends and loved his easy style. I only heard him raise his voice in anger once, and that was when he heard what happened to a fellow REIT CEO. I thought he was going to pop a blood vessel.
He will be missed by all his friends and business associates, and of course his family. Georgie, I am sorry I never got to go to Singapore with you. May you rest in peace.
