Office building in Midtown Manhattan Barclays US offices in Midtown Manhattan. (Photo: Rockefeller Group)

NEW YORK CITY—First-quarter reports have begun to appear from publicly traded REITs, and Barclays Capital isn’t expecting any major surprise to emerge by the time earnings season is done. Analysts with the firm maintain a “neutral” outlook for REITs as a whole, as well as for most property sectors, with a couple of notable exceptions.