Minutes of the latest Federal Reserve meeting describe how the central bank plans to unwind the $4.5 trillion bond portfolio it has built since the financial crisis. The process is expected to be slow, with bonds moving off the balance sheet at maturity to keep government-debt yields from spiking.

Disregarding soft economic data and political upheaval in Washington, D.C., investors drove the Standard & Poor's 500 index and the Nasdaq composite to record highs Thursday morning. The consumer discretionary sector and strong figures from Best Buy and other retailers drove the gains.

There is an upside, or silver lining, to the upheaval in the retail real estate market right now, says Brad Friedlander, portfolio manager for Angel Oak Capital Advisors. "The deals that are out there are trading on secondary markets pricing better than they were at the beginning of the year," he says.

Earlier this year, Merrie Frankel, a longtime REIT analyst with Moody's Investors Service, launched Minerva Realty Consultants in affiliation with RCLCO, a real estate advisory firm with offices in Washington, D.C., and Los Angeles. "Minerva is unique in providing independent consulting services to assist companies pursuing credit ratings and capital structure analysis for REITs contemplating accessing the public markets or ratings," she says.

Caesars Entertainment will exit bankruptcy this year with an eye to growth. The company is refurbishing more than 23,000 hotel rooms in Las Vegas, and has its eye on developing some of the 100 acres of underutilized real estate and open space near the Strip into shopping, entertainment or convention space.

Camden Property Trust's co-founders Keith Oden and Ric Campo, who is also the REIT's CEO, recognized from the start that a healthy corporate culture would be essential for growth. "We have always believed that people are our greatest asset and that having the right team united and committed to achieving common goals is the best way to ensure success for Camden and all of its stakeholders," Campo writes.

Coach has deliberately shed revenue and stores to improve its business health and to retrain customers to pay full price for its handbags and other products, writes Phil Wahba. Now, CEO Victor Luis is looking toward growth with a tender offer for Kate Spade that could position Coach as a "house of brands," Wahba notes.

Senators have asked the Government Accountability Office to investigate how the Committee on Foreign Investment in the United States judges foreign investment in real estate in the wake of an unprecedented level of acquisitions by Chinese investors. "Foreign investors are pouring more and more money into the US real estate market, and yet the trail behind these transactions is often shrouded in secrecy," said Sen. Ron Wyden, D-Ore.

The Basel Committee on Banking Supervision will set an aggregate floor on banks' internal regulatory capital models, instead of individual floors for certain risks, Secretary General William Coen says. This decision aims to allow banks more flexibility in modeling risks for each portfolio, although the final floor calibration has yet to be agreed and might be a source of contention.

Brought to you by NAREIT, REIT.com is your source for the latest real estate investment data & analysis, news, policy developments and industry information.

Spotlight Focus on Industry Information:

• REIT Basics 
• REIT Directory 
• REITs Across America 
• REIT Sectors 
• REIT Industry Snapshot

Is Your NAREIT Profile Current? Login at REIT.com to find out. Don’t have a NAREIT profile? Create an account now. Having a NAREIT profile keeps you connected to NAREIT news and information.

In observance of Memorial Day in the US, SmartBrief will not publish Monday. Publication will resume Tuesday.