[144] SYNCHRONY FINANCIAL SEC Filing

Rhea-AI Filing Summary

Camden Property Trust (CPT) – Q2 2025 10-Q highlights

• Operations: Property revenue rose 2.4 % YoY to $396.5 m; same-store revenue up 1.0 %. Net operating income gained 1.8 % to $252.8 m.
• Earnings: Net income attributable to common shareholders jumped to $80.7 m ($0.74 diluted EPS) from $42.9 m ($0.40) largely on a $47.3 m gain from the $60 m sale of Camden Midtown. YTD EPS is $1.10 vs $1.17; higher depreciation and interest offset the gain.
• Balance sheet: Assets grew to $9.12 b (+3 % YTD). Debt climbed to $3.83 b after issuing $515.6 m of commercial paper; revolver balance is $0 with $1.2 b undrawn. Weighted-average debt rate 4.1 %, maturity 5.1 yrs; floating-rate share ≈ $1.1 b at 5.1 %.
• Liquidity & cash flow: Operating cash flow increased to $378.9 m; cash & restricted cash total $44.5 m. H1 financing inflow $106.9 m covers heavy investing outflow of $473.5 m.
• Portfolio moves: Acquired three communities (1,147 homes) for $337.7 m; 4 projects under construction (1,531 homes) with $312.2 m cost to complete. Post-quarter disposals add $113.5 m proceeds.
• Capital allocation: Declared $2.10 dividend YTD (payout $228.6 m). Share repurchase authorization $450 m remains unused; ATM capacity $500 m.
• Risks: Interest expense up 9.7 % YoY; RealPage antitrust litigation ongoing; development and acquisition spending elevates leverage.

Positive

• NOI growth of 1.8 % YoY and 2.3 % YTD indicates stable same-store performance despite new supply.
• $47.3 m gain on Camden Midtown sale boosted Q2 EPS to $0.74, providing recycling capital.
• Three strategic acquisitions totaling 1,147 units expand presence in Florida, Tennessee, and Texas at a blended cost of $338 m.
• Strong liquidity: $1.2 b undrawn revolver and $500 m ATM capacity support future funding needs.

Negative

• Interest expense rose 9.7 % YoY to $35.4 m, reflecting higher floating-rate debt.
• Net income YTD fell 5.8 % despite asset sale gain, driven by higher depreciation and operating costs.
• Leverage up: total debt increased $340 m YTD, largely via short-term commercial paper.
• Ongoing antitrust litigation related to RealPage poses potential financial and reputational risk.

Insights

REIT Equity Analyst

TL;DR: Solid NOI growth, accretive acquisitions, but leverage and litigation risk inch higher; earnings boost driven by one-off asset sale.

Assessment: Core operations remain resilient with same-store revenue +1 % and NOI +1.8 % despite new supply pressure. The 88 % YoY EPS surge is non-recurring, masking a 10 % rise in interest expense and dilution from new equity comp. Net debt/total assets moves to ~41 % (from 39 %) after funding $338 m of buys and $473 m capex, largely with commercial paper. Liquidity is ample: $1.2 b revolver headroom plus ATM flexibility. Development pipeline (1,531 homes) equals ~3 % of existing units, manageable but adds $312 m future spend. Key watch-items: absorption of recent acquisitions, ability to refinance $514 m commercial paper amid rate volatility, and outcome of RealPage antitrust suits.

Portfolio Risk Specialist

TL;DR: Credit metrics remain investment-grade, but floating-rate exposure and litigation could pressure coverage if rates stay elevated.

CPT’s weighted debt cost is 4.1 %, yet 28 % of borrowings float at ≈5.1 %. A 100 bp rate hike would add ~$11 m annual interest, shaving ~5 c EPS. Commercial paper back-stopped by the revolver limits immediate refinancing risk; nearest bond maturity is 2026. GAAP payout ratio exceeds 100 %, typical for REITs, but cash coverage remains secure given $379 m operating cash flow. The RealPage cases are still in discovery; no reserve booked. An adverse judgment could be material, but timing and magnitude remain uncertain.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Fidelity Brokerage Services LLC 900 Salem Street Smithfield RI 02917	10000	675000.00	372057548	08/01/2025	NYSE

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	05/01/2017	Open Market Purchase	Issuer			4898	05/01/2017	Cash
Common	07/30/2018	Open Market Purchase	Issuer			4687	07/30/2018	Cash
Common	09/30/2022	Restricted Stock Vesting	Issuer			172	09/30/2022	Compensation
Common	03/31/2023	Restricted Stock Vesting	Issuer			243	03/31/2023	Compensation

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
Jeffrey G. Naylor 777 Long Ridge Road Stamford CT 06902	Common	06/24/2025	10000	650000.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

How did Camden Property Trust's Q2 2025 earnings compare with last year?

Diluted EPS rose to $0.74 from $0.40 YoY, driven by a $47 m property sale gain; core growth was modest.

What is CPT's current debt position and liquidity?

Total debt is $3.83 b; no revolver balance with $1.2 b capacity; $515.6 m commercial paper outstanding at 4.55 %.

What acquisitions did CPT complete in H1 2025?

The REIT bought Camden Clearwater, Camden West Nashville, and Camden Leander for a combined $337.7 m and 1,147 units.

How much capital is required to finish CPT's development pipeline?

Approximately $312.2 m remains to complete four projects totaling 1,531 apartment homes.

What are the key risks highlighted in the 10-Q?

Higher interest costs, increased leverage, RealPage antitrust litigation, and potential impacts from supply growth in certain markets.