Eighteen of the 25 largest U.S.-based equity real estate investment trusts by market capitalization topped their consensus S&P Global Market Intelligence earnings estimates for the first quarter, while three REITs fell short and four met expectations.

Timber REIT Weyerhaeuser Co. reported EPS before special items of 11 cents for the quarter, 2 cents higher than its S&P Global Market Intelligence consensus EPS estimate. During the quarter, however, Weyerhaeuser racked up $369 million of after-tax charges related to special items, primarily consisting of a noncash settlement charge related to the transfer of pension assets and liabilities. Including these special charges, the REIT reported a net loss of 39 cents per share. In the comparable year-ago period, Weyerhaeuser reported net earnings of $269 million, or 35 cents per share.

Single-family rental landlord Invitation Homes Inc. surpassed its consensus funds from operations-per share estimate by 10% for the quarter, reporting core FFO of 33 cents per share. President and CEO Dallas Tanner said strong fundamentals and the REIT's improvement in operating efficiency resulted in same-store net operating income growth of 7.3% for the quarter, a main driver behind its strong earnings. After exceeding expectations, the REIT upped its same-store NOI growth guidance for 2019 by 50 basis points, as well as its core FFO per share and adjusted FFO-per share guidance ranges by 1 cent each.

Host Hotels & Resorts Inc. also surpassed its consensus earnings estimate, by 9.1%.

Data center REIT Equinix Inc. reported FFO per share of $3.97 for the quarter, 7% short of analyst expectations, but 8.8% higher than the comparable period in 2018.

W. P. Carey Inc. and communications REIT Crown Castle International Corp.'s FFO per share also fell short of analyst estimates, by 3.5% and 0.7%, respectively.

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