[sheet: Closing Checklist]

Item No.	Category	Document / Deliverable	Description	Responsible Party — Primary	Responsible Party — Secondary	Target Date	Status	Notes
1	Registration Statement	Registration Statement on Form S-3 (Universal Shelf)	Universal shelf registration statement for up to $2,000,000,000 in securities (common shares, preferred shares, senior and subordinated debt securities, depositary shares, warrants, and units) filed by Fairwater Real Estate Investment Trust (CIK 0001387204; SIC 6798) and Fairwater Operating Partnership, L.P. as co-registrants. Automatic shelf registration statement for WKSI under Rule 462(e). Replaces expiring shelf (File No. 333-265410, effective August 1, 2022, expiring August 1, 2025).	Calderwood & Harkness LLP (Natasha Forbes / Eric Johannsen)	Fairwater REIT (Jonathan Delacroix / Sandra Ellerby); Fairwater OP	July 18, 2025	In Progress	WKSI — effective upon filing. Pay-as-you-go fee under Rule 456(b) / Rule 457(r). Signing officers: Margaret Chen-Whitfield (CEO), Priya Ranganathan (CFO), plus majority of trustees. New shelf expires August 1, 2028.
2	Registration Statement	Base Prospectus	Base prospectus forming part of the Form S-3 covering all registered security classes up to $2,000,000,000. Includes description of common shares ($0.01 par value), preferred shares ($0.01 par value, including outstanding 6.50% Series A Cumulative Redeemable Preferred Shares — 4,000,000 shares, $100,000,000 aggregate liquidation preference), debt securities (base indenture dated March 15, 2020 with Meridian Trust Company as trustee; $750,000,000 outstanding senior unsecured notes), depositary shares, warrants, and units. References credit ratings: BBB (stable) from Brindoval Advisory Group; Baa2 (stable) from Pinnacle Rating Services. Plan of distribution, use of proceeds, federal income tax considerations (REIT qualification under IRC §§ 856–860), legal matters (Calderwood & Harkness LLP), experts (Hargrove & Tillman LLP).	Calderwood & Harkness LLP (Natasha Forbes / Eric Johannsen)	Fairwater REIT (Jonathan Delacroix)	July 18, 2025	In Progress	Filed as part of the Form S-3. Portfolio description: 47 multifamily communities, ~14,800 apartment units across MD, VA, NC, GA, FL.
3	ATM Program	ATM Prospectus Supplement (Rule 424(b)(5))	Prospectus supplement for $500,000,000 at-the-market common share offering program. Agents: Pemberton Zanthor & Co. (lead agent, 50% capacity), Clarendon Securities LLC (co-agent, 30% capacity), Veltrano Capital Partners LLC (co-agent, 20% capacity). Commission: 2.0% of gross proceeds (ATM sales); 2.25% for forward sales (2.0% + 0.25% forward premium). Forward maturity up to 12 months from trade date. 134,270,000 common shares outstanding as of 3/31/2025. NYSE ticker: FRWT. Supersedes prior ATM program ($400,000,000 authorized; ~$200,000,000 sold / ~7,520,000 shares at ~$26.60 avg).	Calderwood & Harkness LLP (Natasha Forbes / Eric Johannsen)	Fairwater REIT (Sandra Ellerby); Pemberton Zanthor (Thomas Ng); Dunmore Caldwell LLP (Amy Zhou)	July 18, 2025 (or promptly after shelf effectiveness)	In Progress	Filed under Rule 424(b)(5). Dilution data to be updated. Coordinate with agents on plan of distribution language.
4	ATM Program	Amended and Restated Equity Distribution Agreement	Amended and Restated Equity Distribution Agreement among Fairwater REIT, Fairwater OP, Pemberton Zanthor & Co. (lead agent), Clarendon Securities LLC, and Veltrano Capital Partners LLC. Supersedes Equity Distribution Agreement dated November 15, 2019 (as amended August 5, 2022 and March 12, 2023). Governs ATM and forward sales of up to $500,000,000 in common shares under new shelf. Commission: 2.0% ATM / 2.25% forward. Governing law: New York. Includes reps and warranties, covenants, conditions to sales, indemnification, bring-down requirements, Regulation M compliance.	Calderwood & Harkness LLP (Vivienne St. Claire / Natasha Forbes)	Dunmore Caldwell LLP (Gregory Lassiter / Amy Zhou); Pemberton Zanthor (Rachel Dominguez); Clarendon Securities (Michael Stavros); Veltrano Capital Partners (Karen Albrecht)	July 18, 2025	In Progress	Agents' counsel to review and comment. Execution by all parties required prior to or concurrent with first sale under new program.
5	Corporate Authorizations	Board Resolutions — Fairwater REIT Board of Trustees	Resolutions authorizing (i) filing of Form S-3 for up to $2,000,000,000, (ii) $500,000,000 ATM program, (iii) execution of Amended and Restated Equity Distribution Agreement, (iv) delegation of pricing/issuance authority to Margaret Chen-Whitfield (CEO), Priya Ranganathan (CFO), and Jonathan Delacroix (General Counsel), and (v) authorization of officers to execute ancillary documents and filings.	Calderwood & Harkness LLP (Natasha Forbes)	Fairwater REIT (Jonathan Delacroix)	July 15, 2025 (Board meeting)	In Progress	Draft to be circulated to Jonathan Delacroix for review by July 10, 2025. Board meeting to adopt resolutions in advance of filing.
6	Opinions and Consents	Exhibit 5.1 — Legal Opinion of Calderwood & Harkness LLP	Legal opinion addressed to Fairwater REIT regarding valid issuance of securities. Opines common shares will be validly issued, fully paid and nonassessable; preferred shares, debt securities, depositary shares, warrants, and units will be valid and binding obligations, subject to customary assumptions and qualifications. Governed by Maryland law for equity securities. Includes consent to filing and reference in registration statement.	Calderwood & Harkness LLP (Vivienne St. Claire)	—	July 18, 2025	Not Started	Filed as Exhibit 5.1 to the Form S-3. Final form to be prepared once registration statement is finalized.
7	Opinions and Consents	Exhibit 8.1 — Tax Opinion of Calderwood & Harkness LLP	Tax opinion addressed to Fairwater REIT regarding REIT qualification under IRC §§ 856–860 for each taxable year commencing with year ended December 31, 2003. Opines proposed method of operation will enable continued REIT qualification. Subject to customary assumptions and reliance on officer's certificate. Includes consent to filing and reference in registration statement and base prospectus.	Calderwood & Harkness LLP (Vivienne St. Claire / Robert Adeyemi)	Fairwater REIT (Jonathan Delacroix / Priya Ranganathan — officer's certificate on factual matters)	July 18, 2025	Not Started	Filed as Exhibit 8.1 to the Form S-3. Requires officer's certificate from Fairwater regarding factual representations supporting REIT qualification.
8	Opinions and Consents	Consent of Hargrove & Tillman LLP (Independent Registered Public Accounting Firm)	Written consent of Hargrove & Tillman LLP to the incorporation by reference in the Form S-3 of their audit report on Fairwater's consolidated financial statements and to the reference to Hargrove & Tillman as experts in the base prospectus.	Hargrove & Tillman LLP (Brian Ogilvie)	Fairwater REIT (Priya Ranganathan); Calderwood & Harkness LLP (Eric Johannsen — coordinate)	July 18, 2025	Not Started	Filed as Exhibit 23.1 to the Form S-3. Hargrove & Tillman to deliver final signed consent on or before filing date.
9	Opinions and Consents	Comfort Letter of Hargrove & Tillman LLP	Comfort letter (SAS 72 / AU Section 634) delivered by Hargrove & Tillman LLP addressed to agents (Pemberton Zanthor, Clarendon Securities, Veltrano Capital Partners) covering financial data in the registration statement and prospectus supplement. Initial comfort letter and subsequent bring-down comfort letters required.	Hargrove & Tillman LLP (Brian Ogilvie)	Dunmore Caldwell LLP (Gregory Lassiter — review); Pemberton Zanthor (Rachel Dominguez — addressee); Fairwater REIT (Priya Ranganathan — coordinate)	July 18, 2025 (initial delivery)	Not Started	Agents' counsel to provide requested scope/format. Subsequent bring-down comfort letters due quarterly and upon triggering events per Equity Distribution Agreement.
10	Certificates	Secretary's Certificate — Fairwater REIT	Certificate of Jonathan Delacroix (EVP, General Counsel & Secretary) certifying (i) incumbency and specimen signatures of authorized officers, (ii) adoption and continued effectiveness of Board resolutions, and (iii) copies of Declaration of Trust and Bylaws as currently in effect.	Fairwater REIT (Jonathan Delacroix)	Calderwood & Harkness LLP (Eric Johannsen — draft)	July 18, 2025 (initial delivery)	Not Started	Required closing deliverable under Equity Distribution Agreement at time of first sale under new program.
11	Certificates	CFO Officer's Certificate — Fairwater REIT	Certificate of Priya Ranganathan (EVP & CFO) certifying (i) accuracy of representations and warranties in Equity Distribution Agreement, (ii) compliance with covenants, (iii) absence of material adverse change since most recent financial statements incorporated by reference, and (iv) no stop order issued. Required for initial delivery and periodic bring-downs (quarterly upon 10-Q/10-K filing and upon triggering events).	Fairwater REIT (Priya Ranganathan)	Calderwood & Harkness LLP (Eric Johannsen — draft)	July 18, 2025 (initial delivery)	Not Started	Bring-down certificates required periodically under Equity Distribution Agreement. Template to be annexed to Equity Distribution Agreement.
12	Opinions and Consents	Negative Assurance Letter of Calderwood & Harkness LLP (Issuer's Counsel 10b-5 Letter)	Negative assurance letter (10b-5 letter) from Calderwood & Harkness LLP addressed to the agents, confirming that nothing has come to the attention of counsel that causes them to believe the registration statement or prospectus contains any untrue statement of material fact or omits a material fact.	Calderwood & Harkness LLP (Vivienne St. Claire)	—	July 18, 2025 (initial delivery)	Not Started	Required closing deliverable under Equity Distribution Agreement. Subsequent bring-downs due quarterly and upon triggering events.
13	Opinions and Consents	Negative Assurance Letter of Dunmore Caldwell LLP (Agents' Counsel 10b-5 Letter)	Negative assurance letter (10b-5 letter) from Dunmore Caldwell LLP addressed to the agents, confirming that nothing has come to the attention of counsel that causes them to believe the registration statement or prospectus contains any untrue statement of material fact or omits a material fact.	Dunmore Caldwell LLP (Gregory Lassiter)	—	July 18, 2025 (initial delivery)	Not Started	Required closing deliverable under Equity Distribution Agreement. Subsequent bring-downs due quarterly and upon triggering events.
14	SEC Filings / Administrative	EDGAR Filing and XBRL Tagging	Electronic filing of Form S-3 and all exhibits via EDGAR (CIK 0001387204). Inline XBRL tagging of cover page and prospectus as required. Subsequent filing of ATM prospectus supplement under Rule 424(b)(5).	Calderwood & Harkness LLP (Eric Johannsen)	Fairwater REIT (Sandra Ellerby — EDGAR access codes)	July 18, 2025	Not Started	Confirm EDGAR access codes and filing agent. XBRL tagging required for cover page data. 424(b)(5) filing for ATM supplement to follow promptly.
15	SEC Filings / Administrative	Transfer Agent Notification — Meridian Trust Company	Notification to Meridian Trust Company (transfer agent and registrar) of new shelf registration and ATM program. Coordinate share issuance mechanics for ATM sales and forward settlements.	Fairwater REIT (Sandra Ellerby)	Meridian Trust Company (Paula Jennings)	July 18, 2025	Not Started	Meridian Trust Company, 55 Elm Street, Hartford, Connecticut 06106. Confirm DTC eligibility and settlement procedures.
16	SEC Filings / Administrative	NYSE Supplemental Listing Application	Supplemental listing application with NYSE for common shares issuable under the ATM program (up to $500,000,000 at current market prices). Ticker: FRWT.	Fairwater REIT (Sandra Ellerby)	Calderwood & Harkness LLP (Eric Johannsen — review)	On or before July 18, 2025	Not Started	Listing application to be filed with NYSE; shares to be listed upon notice of issuance.
17	ATM Program	Agent Designation Notices / Sales Orders	Form of sales order / agent designation notice under Amended and Restated Equity Distribution Agreement, designating agent(s) and parameters for individual ATM sales. Agent allocation: Pemberton Zanthor 50%, Clarendon Securities 30%, Veltrano Capital Partners 20% (by capacity).	Fairwater REIT (Sandra Ellerby)	Pemberton Zanthor (Thomas Ng); Clarendon Securities (Michael Stavros); Veltrano Capital Partners (Karen Albrecht)	As needed post-effectiveness	N/A	Form to be annexed to Equity Distribution Agreement. Actual allocation per individual sales orders at Fairwater's discretion.
18	Due Diligence	Due Diligence Session / Call	Due diligence session with agents and agents' counsel covering business, financial, and legal matters for the registration statement and prospectus supplement.	Calderwood & Harkness LLP (Vivienne St. Claire / Natasha Forbes)	Dunmore Caldwell LLP (Gregory Lassiter / Amy Zhou); Pemberton Zanthor (Rachel Dominguez / Thomas Ng); Clarendon Securities (Michael Stavros); Veltrano Capital Partners (Karen Albrecht); Fairwater REIT (Jonathan Delacroix / Sandra Ellerby / Priya Ranganathan)	Week of July 7, 2025	Not Started	Coordinate schedules for management presentations and document review. Follow-up session if needed.

[sheet: Key Dates & Milestones]

Date	Milestone / Event	Responsible Party	Notes
2003	Fairwater REIT organized under Maryland law	Fairwater REIT	Maryland real estate investment trust
November 15, 2019	Original ATM Equity Distribution Agreement executed	Fairwater REIT / Pemberton Zanthor & Co.	ATM program established; Pemberton Zanthor as lead agent
August 1, 2022	Prior shelf registration statement declared effective (File No. 333-265410)	Fairwater REIT / Calderwood & Harkness LLP	Three-year shelf under Rule 415(a)(5); expires August 1, 2025
August 5, 2022	ATM program transferred to prior shelf (First Amendment to Equity Distribution Agreement)	Fairwater REIT / Pemberton Zanthor
March 12, 2023	Second Amendment to Equity Distribution Agreement — addition of Veltrano Capital Partners LLC as co-agent	Fairwater REIT / Veltrano Capital Partners
October 2023	Underwritten follow-on common share offering — $175,000,000	Fairwater REIT / Pemberton Zanthor	6,481,481 shares at $27.00 per share (before underwriting discount)
June 2024	Series A Preferred Share offering — $100,000,000	Fairwater REIT	4,000,000 shares at $25.00 per share; 6.50% cumulative redeemable
June 10, 2025	Engagement letter executed — Calderwood & Harkness LLP	Calderwood & Harkness LLP / Fairwater REIT	Fee estimate: $175,000 – $225,000; Matter No. 1036-00002
June 16, 2025	Matter opened at Calderwood & Harkness LLP	Calderwood & Harkness LLP
Week of July 7, 2025	Due diligence session with agents and agents' counsel	Calderwood & Harkness LLP / Dunmore Caldwell LLP / Agents / Fairwater REIT	Management presentations; document review
July 10, 2025	Draft Board resolutions circulated to Jonathan Delacroix	Calderwood & Harkness LLP	For Board review and comment
July 15, 2025 (est.)	Board of Trustees meeting — adoption of resolutions	Fairwater REIT (Board of Trustees)	Authorizes shelf, ATM program, Equity Distribution Agreement, delegation of authority
July 18, 2025	TARGET: File Form S-3 on EDGAR — automatic effectiveness for WKSI	Calderwood & Harkness LLP / Fairwater REIT	Effective upon filing under Rule 462(e). EDGAR CIK 0001387204.
July 18, 2025 (or promptly after)	File ATM prospectus supplement under Rule 424(b)(5)	Calderwood & Harkness LLP	$500,000,000 ATM common share program
July 18, 2025	Execution of Amended and Restated Equity Distribution Agreement	All parties	Fairwater REIT, Fairwater OP, Pemberton Zanthor, Clarendon Securities, Veltrano Capital Partners
July 18, 2025	Delivery of initial closing deliverables (opinions, certificates, comfort letter, 10b-5 letters)	Calderwood & Harkness LLP / Dunmore Caldwell LLP / Hargrove & Tillman LLP / Fairwater REIT	Secretary's Certificate, CFO Certificate, Exhibit 5.1, Exhibit 8.1, consents, comfort letter, negative assurance letters
August 1, 2025	Expiration of prior shelf registration statement (File No. 333-265410)	N/A	Three-year anniversary under Rule 415(a)(5). No further sales under prior shelf after this date.
August 1, 2028	Expiration of new shelf registration statement	N/A	Three-year anniversary under Rule 415(a)(5)

[sheet: Contacts & Parties]

Organization	Full Legal Name	Role in Transaction	Contact Name	Title	Address	Entity Type	Jurisdiction
Fairwater REIT	Fairwater Real Estate Investment Trust	Issuer / Client	Margaret Chen-Whitfield	CEO & Chairperson, Board of Trustees	7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401	Maryland real estate investment trust	Maryland
Fairwater REIT	Fairwater Real Estate Investment Trust	Issuer / Client	David Kowalczyk	President & COO	7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401	Maryland real estate investment trust	Maryland
Fairwater REIT	Fairwater Real Estate Investment Trust	Issuer / Client	Priya Ranganathan	EVP & CFO	7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401	Maryland real estate investment trust	Maryland
Fairwater REIT	Fairwater Real Estate Investment Trust	Issuer / Client	Jonathan Delacroix	EVP, General Counsel & Secretary	7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401	Maryland real estate investment trust	Maryland
Fairwater REIT	Fairwater Real Estate Investment Trust	Issuer / Client	Sandra Ellerby	SVP, Capital Markets & Treasurer	7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401	Maryland real estate investment trust	Maryland
Fairwater OP	Fairwater Operating Partnership, L.P.	Co-Registrant / Operating Partnership	—	—	7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401	Limited partnership	Maryland
Calderwood & Harkness LLP	Calderwood & Harkness LLP	Issuer's Counsel	Vivienne St. Claire	Partner, Capital Markets (Responsible Partner)	1750 K Street, N.W., Suite 800, Washington, D.C. 20006	Limited liability partnership	District of Columbia
Calderwood & Harkness LLP	Calderwood & Harkness LLP	Issuer's Counsel	Robert Adeyemi	Partner, Capital Markets (Billing Partner)	1750 K Street, N.W., Suite 800, Washington, D.C. 20006	Limited liability partnership	District of Columbia
Calderwood & Harkness LLP	Calderwood & Harkness LLP	Issuer's Counsel	Natasha Forbes	Senior Associate, Capital Markets (Lead Associate)	1750 K Street, N.W., Suite 800, Washington, D.C. 20006	Limited liability partnership	District of Columbia
Calderwood & Harkness LLP	Calderwood & Harkness LLP	Issuer's Counsel	Eric Johannsen	Associate, Capital Markets (Working Associate)	1750 K Street, N.W., Suite 800, Washington, D.C. 20006	Limited liability partnership	District of Columbia
Pemberton Zanthor & Co.	Pemberton Zanthor & Co.	Lead ATM Agent / Lead Bookrunning Manager	Rachel Dominguez	Managing Director, RE Investment Banking	390 Madison Avenue, 22nd Floor, New York, New York 10017	Corporation (registered broker-dealer)	New York
Pemberton Zanthor & Co.	Pemberton Zanthor & Co.	Lead ATM Agent / Lead Bookrunning Manager	Thomas Ng	Director, Equity Capital Markets	390 Madison Avenue, 22nd Floor, New York, New York 10017	Corporation (registered broker-dealer)	New York
Clarendon Securities LLC	Clarendon Securities LLC	Co-ATM Agent	Michael Stavros	Managing Director, RE Capital Markets	200 Vesey Street, Suite 3100, New York, New York 10281	LLC (registered broker-dealer)	Delaware
Veltrano Capital Partners LLC	Veltrano Capital Partners LLC	Co-ATM Agent	Karen Albrecht	Managing Director, ECM	1500 Market Street, Suite 2800, Philadelphia, Pennsylvania 19102	LLC (registered broker-dealer)	Delaware
Dunmore Caldwell LLP	Dunmore Caldwell LLP	Agents' Counsel	Gregory Lassiter	Partner, Capital Markets	601 Lexington Avenue, 35th Floor, New York, New York 10022	Limited liability partnership	New York
Dunmore Caldwell LLP	Dunmore Caldwell LLP	Agents' Counsel	Amy Zhou	Associate, Capital Markets	601 Lexington Avenue, 35th Floor, New York, New York 10022	Limited liability partnership	New York
Meridian Trust Company	Meridian Trust Company	Transfer Agent & Registrar; Indenture Trustee (Senior Notes)	Paula Jennings	VP, Corporate Trust Services	55 Elm Street, Hartford, Connecticut 06106	State-chartered trust company	Connecticut
Hargrove & Tillman LLP	Hargrove & Tillman LLP	Independent Registered Public Accounting Firm	Brian Ogilvie	Audit Partner, Real Estate Practice	155 North Wacker Drive, Suite 3200, Chicago, Illinois 60606	Limited liability partnership	Illinois
Brindoval Advisory Group	Brindoval Advisory Group	Credit Rating Agency (BBB / stable)	—	—	—	Corporation	New York
Pinnacle Rating Services	Pinnacle Rating Services	Credit Rating Agency (Baa2 / stable)	—	—	—	Corporation	New York
The Corporation Trust Incorporated	The Corporation Trust Incorporated	Registered Agent (Maryland) for Fairwater REIT	—	—	351 West Camden Street, Baltimore, Maryland 21201	—	Maryland

[sheet: Capitalization & Key Financials]

Item	Amount / Value	Notes
New Shelf Aggregate Offering Amount	$2,000,000,000	Base prospectus cover
New ATM Program Size	$500,000,000	ATM prospectus supplement — common shares
Prior ATM Program Size	$400,000,000	Prior prospectus supplement
Prior ATM Shares Sold (Gross Proceeds)	~$200,000,000	~7,520,000 shares at ~$26.60 weighted average price
Total Securities Issued Under Prior Shelf	~$475,000,000	$200M (ATM) + $175M (follow-on common) + $100M (Series A preferred)
ATM Agent Commission	2.0% of gross proceeds	Equity Distribution Agreement — at-the-market sales
Forward Sale Commission	2.25% of gross proceeds	2.0% base + 0.25% forward premium
Common Shares Outstanding	134,270,000	As of 3/31/2025; $0.01 par value
Common Share Price (Close)	$28.45	As of 6/13/2025
Equity Market Capitalization	$3,819,981,500	134,270,000 × $28.45
Preferred Shares Outstanding (Series A)	4,000,000	6.50% Series A Cumulative Redeemable; $25.00 liquidation preference per share
Preferred Aggregate Liquidation Preference	$100,000,000	4,000,000 × $25.00
Total OP Units Outstanding	139,450,000	134,270,000 REIT-owned + 5,180,000 third-party LP units
REIT Ownership of OP	96.29%	134,270,000 ÷ 139,450,000
Senior Unsecured Notes Outstanding	$750,000,000	$250M 3.875% due 2028 + $300M 4.250% due 2031 + $200M 5.100% due 2034 (issued by Fairwater OP)
Unsecured Revolving Credit Facility (Total)	$600,000,000
Unsecured Revolving Credit Facility (Drawn)	$175,000,000	Undrawn: $425,000,000; as of 3/31/2025
Secured Mortgage Debt	$480,000,000	As of 3/31/2025
Total Consolidated Debt	$1,405,000,000	$750M (notes) + $175M (revolver drawn) + $480M (mortgages)
Cash and Cash Equivalents	$42,000,000	As of 3/31/2025
Total Enterprise Value	~$5,282,981,500	$3,820M (equity) + $100M (preferred) + $1,405M (debt) – $42M (cash)
Brindoval Advisory Group Rating	BBB (stable)	Senior unsecured notes
Pinnacle Rating Services Rating	Baa2 (stable)	Senior unsecured notes
Portfolio Size	47 communities / ~14,800 units	Multifamily — MD, VA, NC, GA, FL; as of 3/31/2025

Fairwater REIT EIN	52-2384761
Fairwater OP EIN	52-2384805
SEC CIK Number	0001387204
SIC Code	6798	Real Estate Investment Trusts
NYSE Ticker Symbol	FRWT
Fiscal Year End	December 31
Prior Shelf File Number	333-265410	Effective August 1, 2022; expires August 1, 2025
Base Indenture Date	March 15, 2020	Trustee: Meridian Trust Company
C&H Matter Number	1036-00002
C&H Fee Estimate	$175,000 – $225,000	Exclusive of disbursements and filing fees

[sheet: Closing Checklist]
Item No. | Category | Document / Deliverable | Description | Responsible Party — Primary | Responsible Party — Secondary | Target Date | Status | Notes
1 | Registration Statement | Registration Statement on Form S-3 (Universal Shelf) | Universal shelf registration statement for up to $2,000,000,000 in securities (common shares, preferred shares, senior and subordinated debt securities, depositary shares, warrants, and units) filed by Fairwater Real Estate Investment Trust (CIK 0001387204; SIC 6798) and Fairwater Operating Partnership, L.P. as co-registrants. Automatic shelf registration statement for WKSI under Rule 462(e). Replaces expiring shelf (File No. 333-265410, effective August 1, 2022, expiring August 1, 2025). | Calderwood & Harkness LLP (Natasha Forbes / Eric Johannsen) | Fairwater REIT (Jonathan Delacroix / Sandra Ellerby); Fairwater OP | July 18, 2025 | In Progress | WKSI — effective upon filing. Pay-as-you-go fee under Rule 456(b) / Rule 457(r). Signing officers: Margaret Chen-Whitfield (CEO), Priya Ranganathan (CFO), plus majority of trustees. New shelf expires August 1, 2028.
2 | Registration Statement | Base Prospectus | Base prospectus forming part of the Form S-3 covering all registered security classes up to $2,000,000,000. Includes description of common shares ($0.01 par value), preferred shares ($0.01 par value, including outstanding 6.50% Series A Cumulative Redeemable Preferred Shares — 4,000,000 shares, $100,000,000 aggregate liquidation preference), debt securities (base indenture dated March 15, 2020 with Meridian Trust Company as trustee; $750,000,000 outstanding senior unsecured notes), depositary shares, warrants, and units. References credit ratings: BBB (stable) from Brindoval Advisory Group; Baa2 (stable) from Pinnacle Rating Services. Plan of distribution, use of proceeds, federal income tax considerations (REIT qualification under IRC §§ 856–860), legal matters (Calderwood & Harkness LLP), experts (Hargrove & Tillman LLP). | Calderwood & Harkness LLP (Natasha Forbes / Eric Johannsen) | Fairwater REIT (Jonathan Delacroix) | July 18, 2025 | In Progress | Filed as part of the Form S-3. Portfolio description: 47 multifamily communities, ~14,800 apartment units across MD, VA, NC, GA, FL.
3 | ATM Program | ATM Prospectus Supplement (Rule 424(b)(5)) | Prospectus supplement for $500,000,000 at-the-market common share offering program. Agents: Pemberton Zanthor & Co. (lead agent, 50% capacity), Clarendon Securities LLC (co-agent, 30% capacity), Veltrano Capital Partners LLC (co-agent, 20% capacity). Commission: 2.0% of gross proceeds (ATM sales); 2.25% for forward sales (2.0% + 0.25% forward premium). Forward maturity up to 12 months from trade date. 134,270,000 common shares outstanding as of 3/31/2025. NYSE ticker: FRWT. Supersedes prior ATM program ($400,000,000 authorized; ~$200,000,000 sold / ~7,520,000 shares at ~$26.60 avg). | Calderwood & Harkness LLP (Natasha Forbes / Eric Johannsen) | Fairwater REIT (Sandra Ellerby); Pemberton Zanthor (Thomas Ng); Dunmore Caldwell LLP (Amy Zhou) | July 18, 2025 (or promptly after shelf effectiveness) | In Progress | Filed under Rule 424(b)(5). Dilution data to be updated. Coordinate with agents on plan of distribution language.
4 | ATM Program | Amended and Restated Equity Distribution Agreement | Amended and Restated Equity Distribution Agreement among Fairwater REIT, Fairwater OP, Pemberton Zanthor & Co. (lead agent), Clarendon Securities LLC, and Veltrano Capital Partners LLC. Supersedes Equity Distribution Agreement dated November 15, 2019 (as amended August 5, 2022 and March 12, 2023). Governs ATM and forward sales of up to $500,000,000 in common shares under new shelf. Commission: 2.0% ATM / 2.25% forward. Governing law: New York. Includes reps and warranties, covenants, conditions to sales, indemnification, bring-down requirements, Regulation M compliance. | Calderwood & Harkness LLP (Vivienne St. Claire / Natasha Forbes) | Dunmore Caldwell LLP (Gregory Lassiter / Amy Zhou); Pemberton Zanthor (Rachel Dominguez); Clarendon Securities (Michael Stavros); Veltrano Capital Partners (Karen Albrecht) | July 18, 2025 | In Progress | Agents' counsel to review and comment. Execution by all parties required prior to or concurrent with first sale under new program.
5 | Corporate Authorizations | Board Resolutions — Fairwater REIT Board of Trustees | Resolutions authorizing (i) filing of Form S-3 for up to $2,000,000,000, (ii) $500,000,000 ATM program, (iii) execution of Amended and Restated Equity Distribution Agreement, (iv) delegation of pricing/issuance authority to Margaret Chen-Whitfield (CEO), Priya Ranganathan (CFO), and Jonathan Delacroix (General Counsel), and (v) authorization of officers to execute ancillary documents and filings. | Calderwood & Harkness LLP (Natasha Forbes) | Fairwater REIT (Jonathan Delacroix) | July 15, 2025 (Board meeting) | In Progress | Draft to be circulated to Jonathan Delacroix for review by July 10, 2025. Board meeting to adopt resolutions in advance of filing.
6 | Opinions and Consents | Exhibit 5.1 — Legal Opinion of Calderwood & Harkness LLP | Legal opinion addressed to Fairwater REIT regarding valid issuance of securities. Opines common shares will be validly issued, fully paid and nonassessable; preferred shares, debt securities, depositary shares, warrants, and units will be valid and binding obligations, subject to customary assumptions and qualifications. Governed by Maryland law for equity securities. Includes consent to filing and reference in registration statement. | Calderwood & Harkness LLP (Vivienne St. Claire) | — | July 18, 2025 | Not Started | Filed as Exhibit 5.1 to the Form S-3. Final form to be prepared once registration statement is finalized.
7 | Opinions and Consents | Exhibit 8.1 — Tax Opinion of Calderwood & Harkness LLP | Tax opinion addressed to Fairwater REIT regarding REIT qualification under IRC §§ 856–860 for each taxable year commencing with year ended December 31, 2003. Opines proposed method of operation will enable continued REIT qualification. Subject to customary assumptions and reliance on officer's certificate. Includes consent to filing and reference in registration statement and base prospectus. | Calderwood & Harkness LLP (Vivienne St. Claire / Robert Adeyemi) | Fairwater REIT (Jonathan Delacroix / Priya Ranganathan — officer's certificate on factual matters) | July 18, 2025 | Not Started | Filed as Exhibit 8.1 to the Form S-3. Requires officer's certificate from Fairwater regarding factual representations supporting REIT qualification.
8 | Opinions and Consents | Consent of Hargrove & Tillman LLP (Independent Registered Public Accounting Firm) | Written consent of Hargrove & Tillman LLP to the incorporation by reference in the Form S-3 of their audit report on Fairwater's consolidated financial statements and to the reference to Hargrove & Tillman as experts in the base prospectus. | Hargrove & Tillman LLP (Brian Ogilvie) | Fairwater REIT (Priya Ranganathan); Calderwood & Harkness LLP (Eric Johannsen — coordinate) | July 18, 2025 | Not Started | Filed as Exhibit 23.1 to the Form S-3. Hargrove & Tillman to deliver final signed consent on or before filing date.
9 | Opinions and Consents | Comfort Letter of Hargrove & Tillman LLP | Comfort letter (SAS 72 / AU Section 634) delivered by Hargrove & Tillman LLP addressed to agents (Pemberton Zanthor, Clarendon Securities, Veltrano Capital Partners) covering financial data in the registration statement and prospectus supplement. Initial comfort letter and subsequent bring-down comfort letters required. | Hargrove & Tillman LLP (Brian Ogilvie) | Dunmore Caldwell LLP (Gregory Lassiter — review); Pemberton Zanthor (Rachel Dominguez — addressee); Fairwater REIT (Priya Ranganathan — coordinate) | July 18, 2025 (initial delivery) | Not Started | Agents' counsel to provide requested scope/format. Subsequent bring-down comfort letters due quarterly and upon triggering events per Equity Distribution Agreement.
10 | Certificates | Secretary's Certificate — Fairwater REIT | Certificate of Jonathan Delacroix (EVP, General Counsel & Secretary) certifying (i) incumbency and specimen signatures of authorized officers, (ii) adoption and continued effectiveness of Board resolutions, and (iii) copies of Declaration of Trust and Bylaws as currently in effect. | Fairwater REIT (Jonathan Delacroix) | Calderwood & Harkness LLP (Eric Johannsen — draft) | July 18, 2025 (initial delivery) | Not Started | Required closing deliverable under Equity Distribution Agreement at time of first sale under new program.
11 | Certificates | CFO Officer's Certificate — Fairwater REIT | Certificate of Priya Ranganathan (EVP & CFO) certifying (i) accuracy of representations and warranties in Equity Distribution Agreement, (ii) compliance with covenants, (iii) absence of material adverse change since most recent financial statements incorporated by reference, and (iv) no stop order issued. Required for initial delivery and periodic bring-downs (quarterly upon 10-Q/10-K filing and upon triggering events). | Fairwater REIT (Priya Ranganathan) | Calderwood & Harkness LLP (Eric Johannsen — draft) | July 18, 2025 (initial delivery) | Not Started | Bring-down certificates required periodically under Equity Distribution Agreement. Template to be annexed to Equity Distribution Agreement.
12 | Opinions and Consents | Negative Assurance Letter of Calderwood & Harkness LLP (Issuer's Counsel 10b-5 Letter) | Negative assurance letter (10b-5 letter) from Calderwood & Harkness LLP addressed to the agents, confirming that nothing has come to the attention of counsel that causes them to believe the registration statement or prospectus contains any untrue statement of material fact or omits a material fact. | Calderwood & Harkness LLP (Vivienne St. Claire) | — | July 18, 2025 (initial delivery) | Not Started | Required closing deliverable under Equity Distribution Agreement. Subsequent bring-downs due quarterly and upon triggering events.
13 | Opinions and Consents | Negative Assurance Letter of Dunmore Caldwell LLP (Agents' Counsel 10b-5 Letter) | Negative assurance letter (10b-5 letter) from Dunmore Caldwell LLP addressed to the agents, confirming that nothing has come to the attention of counsel that causes them to believe the registration statement or prospectus contains any untrue statement of material fact or omits a material fact. | Dunmore Caldwell LLP (Gregory Lassiter) | — | July 18, 2025 (initial delivery) | Not Started | Required closing deliverable under Equity Distribution Agreement. Subsequent bring-downs due quarterly and upon triggering events.
14 | SEC Filings / Administrative | EDGAR Filing and XBRL Tagging | Electronic filing of Form S-3 and all exhibits via EDGAR (CIK 0001387204). Inline XBRL tagging of cover page and prospectus as required. Subsequent filing of ATM prospectus supplement under Rule 424(b)(5). | Calderwood & Harkness LLP (Eric Johannsen) | Fairwater REIT (Sandra Ellerby — EDGAR access codes) | July 18, 2025 | Not Started | Confirm EDGAR access codes and filing agent. XBRL tagging required for cover page data. 424(b)(5) filing for ATM supplement to follow promptly.
15 | SEC Filings / Administrative | Transfer Agent Notification — Meridian Trust Company | Notification to Meridian Trust Company (transfer agent and registrar) of new shelf registration and ATM program. Coordinate share issuance mechanics for ATM sales and forward settlements. | Fairwater REIT (Sandra Ellerby) | Meridian Trust Company (Paula Jennings) | July 18, 2025 | Not Started | Meridian Trust Company, 55 Elm Street, Hartford, Connecticut 06106. Confirm DTC eligibility and settlement procedures.
16 | SEC Filings / Administrative | NYSE Supplemental Listing Application | Supplemental listing application with NYSE for common shares issuable under the ATM program (up to $500,000,000 at current market prices). Ticker: FRWT. | Fairwater REIT (Sandra Ellerby) | Calderwood & Harkness LLP (Eric Johannsen — review) | On or before July 18, 2025 | Not Started | Listing application to be filed with NYSE; shares to be listed upon notice of issuance.
17 | ATM Program | Agent Designation Notices / Sales Orders | Form of sales order / agent designation notice under Amended and Restated Equity Distribution Agreement, designating agent(s) and parameters for individual ATM sales. Agent allocation: Pemberton Zanthor 50%, Clarendon Securities 30%, Veltrano Capital Partners 20% (by capacity). | Fairwater REIT (Sandra Ellerby) | Pemberton Zanthor (Thomas Ng); Clarendon Securities (Michael Stavros); Veltrano Capital Partners (Karen Albrecht) | As needed post-effectiveness | N/A | Form to be annexed to Equity Distribution Agreement. Actual allocation per individual sales orders at Fairwater's discretion.
18 | Due Diligence | Due Diligence Session / Call | Due diligence session with agents and agents' counsel covering business, financial, and legal matters for the registration statement and prospectus supplement. | Calderwood & Harkness LLP (Vivienne St. Claire / Natasha Forbes) | Dunmore Caldwell LLP (Gregory Lassiter / Amy Zhou); Pemberton Zanthor (Rachel Dominguez / Thomas Ng); Clarendon Securities (Michael Stavros); Veltrano Capital Partners (Karen Albrecht); Fairwater REIT (Jonathan Delacroix / Sandra Ellerby / Priya Ranganathan) | Week of July 7, 2025 | Not Started | Coordinate schedules for management presentations and document review. Follow-up session if needed.
[sheet: Key Dates & Milestones]
Date | Milestone / Event | Responsible Party | Notes
2003 | Fairwater REIT organized under Maryland law | Fairwater REIT | Maryland real estate investment trust
November 15, 2019 | Original ATM Equity Distribution Agreement executed | Fairwater REIT / Pemberton Zanthor & Co. | ATM program established; Pemberton Zanthor as lead agent
August 1, 2022 | Prior shelf registration statement declared effective (File No. 333-265410) | Fairwater REIT / Calderwood & Harkness LLP | Three-year shelf under Rule 415(a)(5); expires August 1, 2025
August 5, 2022 | ATM program transferred to prior shelf (First Amendment to Equity Distribution Agreement) | Fairwater REIT / Pemberton Zanthor
March 12, 2023 | Second Amendment to Equity Distribution Agreement — addition of Veltrano Capital Partners LLC as co-agent | Fairwater REIT / Veltrano Capital Partners
October 2023 | Underwritten follow-on common share offering — $175,000,000 | Fairwater REIT / Pemberton Zanthor | 6,481,481 shares at $27.00 per share (before underwriting discount)
June 2024 | Series A Preferred Share offering — $100,000,000 | Fairwater REIT | 4,000,000 shares at $25.00 per share; 6.50% cumulative redeemable
June 10, 2025 | Engagement letter executed — Calderwood & Harkness LLP | Calderwood & Harkness LLP / Fairwater REIT | Fee estimate: $175,000 – $225,000; Matter No. 1036-00002
June 16, 2025 | Matter opened at Calderwood & Harkness LLP | Calderwood & Harkness LLP
Week of July 7, 2025 | Due diligence session with agents and agents' counsel | Calderwood & Harkness LLP / Dunmore Caldwell LLP / Agents / Fairwater REIT | Management presentations; document review
July 10, 2025 | Draft Board resolutions circulated to Jonathan Delacroix | Calderwood & Harkness LLP | For Board review and comment
July 15, 2025 (est.) | Board of Trustees meeting — adoption of resolutions | Fairwater REIT (Board of Trustees) | Authorizes shelf, ATM program, Equity Distribution Agreement, delegation of authority
July 18, 2025 | TARGET: File Form S-3 on EDGAR — automatic effectiveness for WKSI | Calderwood & Harkness LLP / Fairwater REIT | Effective upon filing under Rule 462(e). EDGAR CIK 0001387204.
July 18, 2025 (or promptly after) | File ATM prospectus supplement under Rule 424(b)(5) | Calderwood & Harkness LLP | $500,000,000 ATM common share program
July 18, 2025 | Execution of Amended and Restated Equity Distribution Agreement | All parties | Fairwater REIT, Fairwater OP, Pemberton Zanthor, Clarendon Securities, Veltrano Capital Partners
July 18, 2025 | Delivery of initial closing deliverables (opinions, certificates, comfort letter, 10b-5 letters) | Calderwood & Harkness LLP / Dunmore Caldwell LLP / Hargrove & Tillman LLP / Fairwater REIT | Secretary's Certificate, CFO Certificate, Exhibit 5.1, Exhibit 8.1, consents, comfort letter, negative assurance letters
August 1, 2025 | Expiration of prior shelf registration statement (File No. 333-265410) | N/A | Three-year anniversary under Rule 415(a)(5). No further sales under prior shelf after this date.
August 1, 2028 | Expiration of new shelf registration statement | N/A | Three-year anniversary under Rule 415(a)(5)
[sheet: Contacts & Parties]
Organization | Full Legal Name | Role in Transaction | Contact Name | Title | Address | Entity Type | Jurisdiction
Fairwater REIT | Fairwater Real Estate Investment Trust | Issuer / Client | Margaret Chen-Whitfield | CEO & Chairperson, Board of Trustees | 7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401 | Maryland real estate investment trust | Maryland
Fairwater REIT | Fairwater Real Estate Investment Trust | Issuer / Client | David Kowalczyk | President & COO | 7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401 | Maryland real estate investment trust | Maryland
Fairwater REIT | Fairwater Real Estate Investment Trust | Issuer / Client | Priya Ranganathan | EVP & CFO | 7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401 | Maryland real estate investment trust | Maryland
Fairwater REIT | Fairwater Real Estate Investment Trust | Issuer / Client | Jonathan Delacroix | EVP, General Counsel & Secretary | 7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401 | Maryland real estate investment trust | Maryland
Fairwater REIT | Fairwater Real Estate Investment Trust | Issuer / Client | Sandra Ellerby | SVP, Capital Markets & Treasurer | 7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401 | Maryland real estate investment trust | Maryland
Fairwater OP | Fairwater Operating Partnership, L.P. | Co-Registrant / Operating Partnership | — | — | 7200 Chesapeake Centre Drive, Suite 400, Annapolis, Maryland 21401 | Limited partnership | Maryland
Calderwood & Harkness LLP | Calderwood & Harkness LLP | Issuer's Counsel | Vivienne St. Claire | Partner, Capital Markets (Responsible Partner) | 1750 K Street, N.W., Suite 800, Washington, D.C. 20006 | Limited liability partnership | District of Columbia
Calderwood & Harkness LLP | Calderwood & Harkness LLP | Issuer's Counsel | Robert Adeyemi | Partner, Capital Markets (Billing Partner) | 1750 K Street, N.W., Suite 800, Washington, D.C. 20006 | Limited liability partnership | District of Columbia
Calderwood & Harkness LLP | Calderwood & Harkness LLP | Issuer's Counsel | Natasha Forbes | Senior Associate, Capital Markets (Lead Associate) | 1750 K Street, N.W., Suite 800, Washington, D.C. 20006 | Limited liability partnership | District of Columbia
Calderwood & Harkness LLP | Calderwood & Harkness LLP | Issuer's Counsel | Eric Johannsen | Associate, Capital Markets (Working Associate) | 1750 K Street, N.W., Suite 800, Washington, D.C. 20006 | Limited liability partnership | District of Columbia
Pemberton Zanthor & Co. | Pemberton Zanthor & Co. | Lead ATM Agent / Lead Bookrunning Manager | Rachel Dominguez | Managing Director, RE Investment Banking | 390 Madison Avenue, 22nd Floor, New York, New York 10017 | Corporation (registered broker-dealer) | New York
Pemberton Zanthor & Co. | Pemberton Zanthor & Co. | Lead ATM Agent / Lead Bookrunning Manager | Thomas Ng | Director, Equity Capital Markets | 390 Madison Avenue, 22nd Floor, New York, New York 10017 | Corporation (registered broker-dealer) | New York
Clarendon Securities LLC | Clarendon Securities LLC | Co-ATM Agent | Michael Stavros | Managing Director, RE Capital Markets | 200 Vesey Street, Suite 3100, New York, New York 10281 | LLC (registered broker-dealer) | Delaware
Veltrano Capital Partners LLC | Veltrano Capital Partners LLC | Co-ATM Agent | Karen Albrecht | Managing Director, ECM | 1500 Market Street, Suite 2800, Philadelphia, Pennsylvania 19102 | LLC (registered broker-dealer) | Delaware
Dunmore Caldwell LLP | Dunmore Caldwell LLP | Agents' Counsel | Gregory Lassiter | Partner, Capital Markets | 601 Lexington Avenue, 35th Floor, New York, New York 10022 | Limited liability partnership | New York
Dunmore Caldwell LLP | Dunmore Caldwell LLP | Agents' Counsel | Amy Zhou | Associate, Capital Markets | 601 Lexington Avenue, 35th Floor, New York, New York 10022 | Limited liability partnership | New York
Meridian Trust Company | Meridian Trust Company | Transfer Agent & Registrar; Indenture Trustee (Senior Notes) | Paula Jennings | VP, Corporate Trust Services | 55 Elm Street, Hartford, Connecticut 06106 | State-chartered trust company | Connecticut
Hargrove & Tillman LLP | Hargrove & Tillman LLP | Independent Registered Public Accounting Firm | Brian Ogilvie | Audit Partner, Real Estate Practice | 155 North Wacker Drive, Suite 3200, Chicago, Illinois 60606 | Limited liability partnership | Illinois
Brindoval Advisory Group | Brindoval Advisory Group | Credit Rating Agency (BBB / stable) | — | — | — | Corporation | New York
Pinnacle Rating Services | Pinnacle Rating Services | Credit Rating Agency (Baa2 / stable) | — | — | — | Corporation | New York
The Corporation Trust Incorporated | The Corporation Trust Incorporated | Registered Agent (Maryland) for Fairwater REIT | — | — | 351 West Camden Street, Baltimore, Maryland 21201 | — | Maryland
[sheet: Capitalization & Key Financials]
Item | Amount / Value | Notes
New Shelf Aggregate Offering Amount | $2,000,000,000 | Base prospectus cover
New ATM Program Size | $500,000,000 | ATM prospectus supplement — common shares
Prior ATM Program Size | $400,000,000 | Prior prospectus supplement
Prior ATM Shares Sold (Gross Proceeds) | ~$200,000,000 | ~7,520,000 shares at ~$26.60 weighted average price
Total Securities Issued Under Prior Shelf | ~$475,000,000 | $200M (ATM) + $175M (follow-on common) + $100M (Series A preferred)
ATM Agent Commission | 2.0% of gross proceeds | Equity Distribution Agreement — at-the-market sales
Forward Sale Commission | 2.25% of gross proceeds | 2.0% base + 0.25% forward premium
Common Shares Outstanding | 134,270,000 | As of 3/31/2025; $0.01 par value
Common Share Price (Close) | $28.45 | As of 6/13/2025
Equity Market Capitalization | $3,819,981,500 | 134,270,000 × $28.45
Preferred Shares Outstanding (Series A) | 4,000,000 | 6.50% Series A Cumulative Redeemable; $25.00 liquidation preference per share
Preferred Aggregate Liquidation Preference | $100,000,000 | 4,000,000 × $25.00
Total OP Units Outstanding | 139,450,000 | 134,270,000 REIT-owned + 5,180,000 third-party LP units
REIT Ownership of OP | 96.29% | 134,270,000 ÷ 139,450,000
Senior Unsecured Notes Outstanding | $750,000,000 | $250M 3.875% due 2028 + $300M 4.250% due 2031 + $200M 5.100% due 2034 (issued by Fairwater OP)
Unsecured Revolving Credit Facility (Total) | $600,000,000
Unsecured Revolving Credit Facility (Drawn) | $175,000,000 | Undrawn: $425,000,000; as of 3/31/2025
Secured Mortgage Debt | $480,000,000 | As of 3/31/2025
Total Consolidated Debt | $1,405,000,000 | $750M (notes) + $175M (revolver drawn) + $480M (mortgages)
Cash and Cash Equivalents | $42,000,000 | As of 3/31/2025
Total Enterprise Value | ~$5,282,981,500 | $3,820M (equity) + $100M (preferred) + $1,405M (debt) – $42M (cash)
Brindoval Advisory Group Rating | BBB (stable) | Senior unsecured notes
Pinnacle Rating Services Rating | Baa2 (stable) | Senior unsecured notes
Portfolio Size | 47 communities / ~14,800 units | Multifamily — MD, VA, NC, GA, FL; as of 3/31/2025
Fairwater REIT EIN | 52-2384761
Fairwater OP EIN | 52-2384805
SEC CIK Number | 0001387204
SIC Code | 6798 | Real Estate Investment Trusts
NYSE Ticker Symbol | FRWT
Fiscal Year End | December 31
Prior Shelf File Number | 333-265410 | Effective August 1, 2022; expires August 1, 2025
Base Indenture Date | March 15, 2020 | Trustee: Meridian Trust Company
C&H Matter Number | 1036-00002
C&H Fee Estimate | $175,000 – $225,000 | Exclusive of disbursements and filing fees

[sheet: Closing Checklist]

Record

Parties

Dates

Amounts