Centerspace (NYSE:CSR) is the only apartment REIT with a Midwest focus. It is a small cap at ~$1B market cap and is currently trading at a discount to peers on AFFO multiple and net asset value (NAV). The Buy Thesis CSR’s markets received quite a bit less new supply, allowing it to continue growing AFFO/share in 2024 and 2025, while the rest of the sector is flat to slightly down. Its better near-term prospects are not priced in, with the stock trading at less than 80% of (NAV) and a 3 turn discount to the ...