REITs are run by appointed REIT managers. These people make guiding decisions for the REIT, such as which properties to add to a REIT, which assets to sell off, etc. Besides the REIT managers, REITs also employ property managers, who try to maximize rental yields. It’s the job of property managers to conduct asset enhancement initiatives, such as redesigning floors to hold more stores, finding the right mix of tenants, etc. As such, a REITs value and performance are dependent on the competence of its managers.