This is one nice article which is worth reading about REITs. I admit that I am one of those who actually trust the REIT manager to do the right thing. If I don't trust them, I simply sell it which many has done when the announcement was made. I think it takes more than just buying properties to be a REIT manager because they would need to take care of it, and ensure that the value of the property is maximised so that shareholders earn much more.
But I do agree that the REIT managers earn more when they do acquisition than managing existing properties, because it can be abused easily. I don't mind giving more to REIT managers if they manage to improve the yield of the existing properties or decrease the interest rates of the loans that REITs are taking. A balance would need to be reached.