Trustee duties ensure fiduciary oversight and compliance, requiring monitoring, approvals for manager changes, and reporting. The trustee must hold REIT assets in trust, enter into an investment management agreement, and oversee the manager to ensure compliance with reporting, disclosure and regulatory obligations; review related party transactions with arm's length confirmation where conflicts arise; safeguard subscription funds; ensure distribution declarations and payments; manage change of manager with requisite approvals and substitution of parties; and comply with governance principles of transparency, accountability, due diligence and impartiality, with authority to engage external consultants for implementation.