A Self Managed and Self Administered Real Estate Investment Trust (REIT) is a type of REIT that is managed and administered by its own board of trustees, rather than by an external management company. This type of REIT is typically more hands-on and allows the trustees to have more control over the day-to-day operations of the REIT. The trustees are responsible for making decisions about the investments, managing the assets, and ensuring compliance with all applicable laws and regulations.