There is also an opportunity to grow even further: In addition to burning off any leftover concessions and pushing lease renewals, Schall feels on-site operators have the ability to push rents portfolio-wide by 5 percent in 2011. Schall’s first order of business, as a result, will be to emphasize communication up and down the ranks at ÂEssex.
During the course of the nearly yearlong transition, Schall recalls the moment he knew the succession was really happening.
“Keith talked about retiring for a long time. Now, I find myself talking about all the things keeping me awake at night,” Schall says. “I think any CEO probably has the same fearthat he or she doesn’t know something critical to the success of the company. While I expect good results, I recognize that the opportunities to improve the company are in the things that are not going well.
“My management style will continue to be based on the wisdom of a well-informed and fully engaged executive team. Give me good information, and we’ll eliminate the blind spots. And from that will come superior decisions, and superior growth.”
