Contract analysis

I. DOCUMENTS AND MATERIALS REVIEWED In connection with the opinions rendered herein, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of the following documents, instruments, records, and other materials:

1. The Registration Statement on Form S-3, including the Base Prospectus and all exhibits thereto, as filed with the SEC on or about the date hereof;

2. The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the SEC (the "2024 Form 10-K"), including all exhibits and schedules thereto;

3. The Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as filed with the SEC (the "Q1 2025 Form 10-Q"), including all exhibits and schedules thereto;

4. The Amended and Restated Declaration of Trust of the Company, as currently in effect, pursuant to which the Company was organized under the laws of the State of Maryland (the "Declaration of Trust");

5. The Amended and Restated Bylaws of the Company, as currently in effect (the "Bylaws");

6. The Agreement of Limited Partnership of Fairwater Operating Partnership, L.P., as amended through the date hereof (the "Partnership Agreement");

7. The certificate of Priya Ranganathan, Executive Vice President and Chief Financial Officer of the Company, and Jonathan Delacroix, Executive Vice President, General Counsel and Secretary of the Company, each an authorized officer of the Company, dated as of the date hereof, setting forth certain facts relating to the organization and actual and proposed operations of the Company and the Operating Partnership (the

8. Resolutions adopted by the Board of Trustees of the Company authorizing the filing of the Registration Statement and the issuance and sale of the Securities thereunder; and

9. Such other documents, records, certificates, instruments, and materials as we have deemed necessary or appropriate for purposes of rendering this opinion, including the Company's federal income tax returns for relevant taxable years, the Company's organizational charts, a schedule of the Company's real property assets, relevant leases and management agreements, and documentation relating to the Company's taxable R

II. ASSUMPTIONS In rendering the opinions set forth herein, we have assumed, with your consent and without independent investigation or verification, the following: (a) All documents submitted to us as originals are authentic, complete, and accurate, and all documents submitted to us as copies conform in all material respects to the originals thereof, and all such originals are authentic, complete, and accurate. (b)

III. REIT QUALIFICATION STANDARDS — SUMMARY OF APPLICABLE LAW The following is a summary of the material requirements for qualification and taxation as a REIT under the Code. This summary is provided for context and does not purport to be a comprehensive discussion of all aspects of the REIT provisions of the Code. A. Organizational Requirements To qualify as a REIT under Section 856(a) of the Code, an entity must sa

IV. OPINION Based upon and subject to the assumptions, qualifications, and limitations set forth herein, and based upon our review of the documents and materials described in Section I above, including the Officer's Certificate, and our consideration of the applicable provisions of the Code, the Treasury Regulations, published administrative rulings and procedures of the IRS, and relevant judicial decisions, all as o

1. Commencing with the Company's taxable year ended December 31, 2003 (the year in which the Company first elected REIT status), the Company has been organized in conformity with the requirements for qualification and taxation as a REIT under the Code.

2. For each taxable year commencing with the taxable year ended December 31, 2003 through and including the taxable year ended December 31, 2024, the Company's actual method of operation has enabled it to meet the requirements for qualification and taxation as a REIT under the Code. With respect to the opinion set forth in paragraph 2 above, we note that REIT qualification depends upon the Company's satisfaction, on

3. The Company's proposed method of operation, as described in the Registration Statement, the Base Prospectus, the Officer's Certificate, and the organizational documents of the Company and the Operating Partnership, will enable the Company to continue to meet the requirements for qualification and taxation as a REIT under the Code for its taxable year ending December 31, 2025, and for subsequent taxable years. Our

4. The discussion set forth in the Base Prospectus under the heading "Federal Income Tax Considerations," to the extent that it constitutes matters of law or legal conclusions with respect to the material federal income tax consequences of the Company's REIT election and of the purchase, ownership, and disposition of the Securities covered by the Registration Statement, is our opinion, subject to the qualifications,

V. QUALIFICATIONS AND LIMITATIONS The opinions expressed herein are subject to the following qualifications and limitations:

1. Changes in Law. This opinion is based upon the Code, the Treasury Regulations (including proposed and temporary Treasury Regulations), published administrative interpretations and rulings of the IRS (including revenue rulings, revenue procedures, notices, announcements, and private letter rulings), and judicial decisions, all as in effect and available as of the date hereof. The foregoing authorities are subject t

2. Reliance on Officer's Certificate. This opinion is based in substantial part upon the representations and covenants contained in the Officer's Certificate executed by Priya Ranganathan and Jonathan Delacroix on behalf of the Company. We have not independently verified the accuracy or completeness of any representation, warranty, or covenant contained in the Officer's Certificate and have relied upon the same in re

3. Factual Nature of REIT Qualification. REIT qualification and taxation involves the ongoing satisfaction of numerous complex requirements under the Code, including the income tests set forth in Section 856(c)(2) and (3), the asset tests set forth in Section 856(c)(4), the distribution requirements set forth in Section 857(a)(1), and the organizational and share ownership requirements set forth in Sections 856(a) an

4. No Opinion on Non-Federal Tax Laws. We express no opinion with respect to the laws of any jurisdiction other than the federal income tax laws of the United States. Without limiting the foregoing, we express no opinion regarding the tax laws of any state, local, or foreign jurisdiction, including the State of Maryland or any other state in which the Company or the Operating Partnership holds properties or conducts

5. No IRS Ruling. No ruling has been requested from, or issued by, the IRS with respect to any of the matters addressed herein. There can be no assurance that the IRS would agree with the conclusions set forth in this opinion, or that a court would not sustain a challenge by the IRS to any such conclusions. In the event of any such challenge, there can be no assurance that the Company would prevail.

6. No Obligation to Update. We undertake no obligation to update or supplement this opinion after the date hereof to reflect any changes in fact, law, or interpretation, or to reflect the resolution of any pending or future legislative, administrative, or judicial proceedings, or for any other reason.

7. Scope of Opinion. The opinions set forth herein are limited to the specific matters expressly addressed herein, and no other opinion is implied or should be inferred with respect to any other matters, including without limitation, the effect of any pending or proposed legislation, the application of the alternative minimum tax, the application of the Medicare contribution tax on net investment income under Section

VI. CONSENT We hereby consent to the filing of this opinion as Exhibit 8.1 to the Registration Statement and to the reference to Calderwood & Harkness LLP under the captions "Legal Matters" and "Federal Income Tax Considerations" in the Base Prospectus forming a part of the Registration Statement. We also consent to the incorporation by reference of this opinion into any subsequent registration statement filed pursua