It can be financially rewarding to own shares in an acquisition target prior to a merger's announcement. More importantly, it is edifying to learn that your market and fundamental analysis led to the discovery of value. We owned shares of Apartment Income REIT Corp. (AIRC) at the time its acquisition by Blackstone Inc. (BX) was announced, and we have worked tirelessly to find the next multifamily M&A target. Today we make the argument that BSR Real Estate Investment Trust (OTCPK:BSRTF) (HOM.UN:CA) is poised to realize a fuller value through merger or sale.