REITs -- particularly their average fund from operation per-share metrics -- outperformed Barclays Capital analysts' expectations for the first quarter. Barclays had been expecting a 28.5% decline. REITs posted an average decline of 25.6%. Excluding nonrecurring gains and charges, FFO per share was down 20.1% year-over-year. Barclays had projected a 23.5% decline. Barclays now expects a 9% increase in 2011 driven by better core fundamentals and easier comparisons, according to analyst Ross Smotrich.

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