The majority of the real estate investment trusts (“REITs”) have already reported their earnings for the Jan–Mar quarter, though some are yet to come up with their quarterly numbers.So far this earnings season, a number of REITs have managed to report positive surprises. There have been downward revisions in estimates over the past three months and the industry as a whole lacked growth catalysts. But in a number of asset categories, demand/supply conditions remained favorable.No doubt, a slowdown in economic activity with moderation in household spending in recent months raised concerns over the health of the overall economy and on demand for the new real estate space. But tempered economic growth in the past seems to have also kept new supply off the market.Considering the broader spectrum also, we find that positive surprises have been pretty abundant this quarter despite growth challenges. For the broader Finance Sector, of which REITs are part, we already have results from 97.7% of the S&P 500 index members (as of May 6).Their total earnings are down 7.3% from the same period last year while revenues improved only 1.9%. However, 60.5% beat EPS estimates and 53.5% surpassed revenue estimates. (Read more: How is the Earnings Picture Evolving?)Let’s see how things are shaping up for the following REIT stocks that are scheduled to release their first-quarter results on May 10.Hatteras Financial Corp. HTS has an Earnings ESP of 0.00% and a Zacks Rank #3 (Hold). Our proven model does not conclusively show that Hatteras Financial is likely to beat on earnings this quarter. This is because the company lacks the right combination of the two key ingredients – a positive Earnings ESP (the percentage difference between the Most Accurate estimate and the Zacks Consensus Estimate) and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Hospitality Properties Trust HPT has an Earnings ESP of 0.00%. The company’s Zacks Rank #4 (Sell) further lowers the predictive power of ESP. In fact, we caution against Sell-rated (Zacks Rank #4 or 5) stocks going into the earnings announcement, especially when they are seeing negative estimate revisions. NorthStar Realty Finance Corp. NRF has an Earnings ESP of 0.00% and a Zacks Rank #5 (Strong Sell). This makes us skeptical about a positive surprise in the to-be-reported quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report HATTERAS FIN CP (HTS): Free Stock Analysis Report NORTHSTAR RLTY (NRF): Free Stock Analysis Report HOSPITALITY PRP (HPT): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research