The majority of real estate investment trusts reported earnings for the period, suggesting a strengthening in the segment despite a sluggish office segment, analysts with Keefe, Bruyette & Woods said Wednesday. 

KBW studied data on REITs, concluding that of the 93 reporting, 61 REITs beat analyst consensus estimates. The remaining 16 met expectations, while the remaining 16 missed the average forecast for fourth-quarter earnings.

From the third quarter to the fourth quarter, multifamily lodging and shopping center real estate investment activity improved while the office sector is described by KBW as remaining "laggard."

Exemplary real estate markets for REITs included Texas with its favorable job figures and San Francisco where tech demand is continuing to spur along activity.

Retail landlords with high-quality assets also reported a notable increase in optimism on tenant demand.

KBW wrote, "The sector with the most upward revisions was multifamily REITs, with 2012 estimates up on average 1%; office REIT estimates were also revised higher, up 1%. On the flip side, timber REITs experienced the largest downward revisions (-12%)."