Which party typically manages the daily operations of a REIT's properties?

In a Real Estate Investment Trust (REIT), the daily operations of the properties are typically managed by a property manager. This individual or team is responsible for overseeing the day-to-day activities related to the properties within the REIT's portfolio. This includes tasks such as tenant relations, leasing activities, maintenance, rent collection, and ensuring that the properties are in compliance with various regulations.

The property manager plays a crucial role in maximizing the operational efficiency of the properties, which ultimately contributes to the overall performance of the REIT. By effectively managing the properties, the property manager can help enhance the value of the assets and ensure that they generate stable income for the REIT and its investors.

In contrast, other parties such as the Board of Directors primarily provide oversight and governance, setting the overall strategy and policies for the REIT rather than handling day-to-day operations. The Chief Financial Officer focuses on financial management and reporting, while the shareholders are the owners of the REIT but do not participate in the hands-on management of properties. Therefore, the property manager's role is essential for the functional operations and success of the REIT.