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1. Establish Objectives: Establish the goal for creating the real estate investment trust (REIT). Consider income production, capital preservation, or appreciation of the REIT, and design the structure and type of REIT accordingly.
2. Develop the Entity: Structure the REIT as either a publicly traded corporation or a non-traded limited liability company. Determine the rights and obligations of the shareholders and their shares, the board of directors and its powers, and the officers and their authority.
3. Regulate Financial Activity: Construct a panel of independent trustees to monitor and approve any financial transactions and activities. Provide a fiscal reporting system and a system of checks and balances to ensure the transparency of all real estate investments.
4. Identify and Develop Properties: Create a comprehensive plan for the selection, acquisition, and promotion of properties in the trust to ensure a diverse portfolio.
5. Capitalize and Fund the Venture: Solicit capital from investors who will own interests in the REIT in exchange for ownership. Categorize assets and identify associated liabilities, as well as income and expenses. Establish a marketing and investor management program to raise capital, as well as solicit and manage tenant leases.
6. Structure the Trust Property: Establish an organizational and legal structure for each piece of real estate in the trust. Detailed and specific structural guidelines should be established to ensure the trust adheres to all federal, state, and local laws.
7. Monitor Performance: Create ongoing systems to monitor results, track performance, review performance discrepancies, and adjust management strategies.

Creating a successful real estate investment trust requires careful structure and planning. By establishing clear objectives, managing financial transactions and activities, selecting quality investments, and establishing a strategic management program, real estate developers and investors can maximize the success of their trust.