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Viktor Fedyon

Senior Equity Research Associate at Scotiabank

Viktor Fediv is a Senior Equity Research Associate at Scotiabank, specializing in real estate sector analysis with a focus on publicly listed property companies. He provides detailed research on firms such as Regency Centers (REG), engaging in earnings call analysis and strategic transaction insights like the 11-asset distribution with GRI. Fediv contributes to Scotiabank's equity research team, offering predictive tools for earnings outcomes, though specific performance metrics like success rates or rankings are not publicly detailed. His career at Scotiabank emphasizes real estate coverage, with no disclosed prior firms or professional credentials such as FINRA registrations available in current sources.

Viktor Fedyon's questions to Public Storage (PSA) leadership

Question · Q4 2025

Viktor Fedyon asked about recent shifts in seller expectations, bid-ask spreads, and the conversion ratio of underwritten to transacted acquisitions, given Public Storage underwrote $7 billion but transacted $1 billion in 2025. He also inquired about the company's geographic growth preferences and potential for increased growth in Texas.

Answer

Tom Boyle, CFO and CIO, noted that buyer and seller expectations have been evolving with changes in debt costs and cap rates, leading to more rational transactions in 2025 and optimism for 2026-2027 as cap rates narrow. Joe Russell, President and CEO, added that diverse ownership structures are bringing larger portfolios to market, creating opportunities. On geographic growth, Boyle emphasized a data-driven approach focused on submarket-level opportunities where there's a strong fit for Public Storage's portfolio and customer demand, rather than just state-level targets like Texas.

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