[sheet: Checklist]

Item No.	Item Description	Status	Responsible Attorney	Date Completed	Notes
1	Signed Private Letter Ruling Request with Penalties-of-Perjury Declaration	Complete	Garrett Simmons	2025-09-22	Final ruling request dated September 22, 2025, addressed to Associate Chief Counsel (Income Tax & Accounting), IRS National Office, 1111 Constitution Avenue NW, Washington, DC 20224. Filed under Rev. Proc. 2025-1. Penalties-of-perjury declaration executed by Jonathan M. Hirota, VP Tax, on behalf of Fairwater Real Estate Investment Trust (EIN 52-4718263). Client sign-off received September 19, 2025. Requests three rulings under IRC §§ 856(c)(4)(B)(ii), 856(d), 856(d)(7)(B), and 856(d)(7)(C)(i).
2	IRS Form 2848 — Power of Attorney and Declaration of Representative	Complete	Leila Nazari	2025-09-22	Executed by Jonathan M. Hirota on behalf of Fairwater (EIN 52-4718263). Designates Sylvia Hartwell (PTIN: P01882447) and Garrett Simmons (PTIN: P02094518) of Calderwood & Harkness LLP, 1750 K Street NW, Suite 900, Washington, DC 20006, as authorized representatives before the IRS with respect to REIT qualification under IRC §§ 856–860.
3	IRS User Fee Payment — Check	Complete	Leila Nazari	2025-09-22	Ridgeline National Bank, N.A. check no. 00471826 in the amount of $38,000, payable to 'United States Treasury.' Category 2 (Specific Issues) per Rev. Proc. 2025-1, Appendix A.
4	User Fee Transmittal Letter	Complete	Garrett Simmons	2025-09-22	Cover letter dated September 22, 2025, from Calderwood & Harkness LLP to Associate Chief Counsel (Income Tax & Accounting), IRS National Office, transmitting the $38,000 user fee check and referencing the ruling request filed on behalf of Fairwater Real Estate Investment Trust (EIN 52-4718263). References Form 2848 and Severin Partners LLC tracking no. 7749-2281-3364.
5	Copy of Fairwater's Articles of Trust (Certified)	Complete	Leila Nazari	2025-09-20	Certified copy of Articles of Trust for Fairwater Real Estate Investment Trust, a Maryland real estate investment trust. REIT election effective for taxable year ended December 31, 2009; continuously qualified since that date. Registered agent: Capitol Registered Agents, Inc., 7 Saint Paul Street, Suite 820, Baltimore, MD 21202.
6	Organizational Chart — Fairwater Entity Structure (Pre- and Post-Acquisition)	Complete	Leila Nazari	2025-09-19	Depicts Fairwater Real Estate Investment Trust (Maryland REIT, NYSE: FREIT) at top; existing subsidiary structure; proposed formation of Fairwater Southgate TRS, Inc. (Maryland corporation, taxable REIT subsidiary) to hold non-qualifying income-producing components (food-and-beverage, parking management, co-working-space operations). Shows Thornfield Development Group, LLC (Delaware LLC) as seller, with Rowan Capital Partners, LP (Delaware LP, 87.5% equity holder, managing member) as parent. Calvin J. Murchison identified as Founder & Managing Partner of Rowan Capital.
7	Summary of Southgate Portfolio Properties (11 Properties)	Complete	Leila Nazari	2025-09-18	Schedule listing all 11 mixed-use properties: Southgate Commons I (Richmond, VA, 385,000 SF, $98M); Southgate Commons II (Richmond, VA, 310,000 SF, $79M); Harborview Station (Norfolk, VA, 275,000 SF, $71M); Charlottesville Crossing (Charlottesville, VA, 220,000 SF, $56M); Piedmont Walk (Durham, NC, 340,000 SF, $88M); Triangle Gateway (Raleigh, NC, 410,000 SF, $106M); Ashford Place (Charlotte, NC, 290,000 SF, $74M); Savannah River Center (Savannah, GA, 195,000 SF, $49M); Buckhead Terrace (Atlanta, GA, 365,000 SF, $94M); Midtown Promenade (Atlanta, GA, 230,000 SF, $58M); Decatur Station (Decatur, GA, 80,000 SF, $39M). Total: 3,100,000 SF; aggregate purchase price $812,000,000. Seller: Thornfield Development Group, LLC (EIN 83-2956104). PSA executed August 1, 2025. Expected closing Q1 2026.
8	Caldwell Valuation Group Appraisal Summary — Arm's-Length Rent Opinion	Complete	Garrett Simmons	2025-09-18	Summary of independent appraisal by Caldwell Valuation Group, LLC (4200 Dominion Boulevard, Suite 310, Glen Allen, VA 23060), dated August 30, 2025. Supports the $18,700,000 annual base rent under proposed intercompany leases (Fairwater → Southgate TRS) as arm's-length under IRC § 856(d)(7)(B). Lease terms: 10-year term, two 5-year renewal options, 2.5% fixed annual escalator, triple-net structure.
9	Proposed Intercompany Lease Form (Fairwater → Fairwater Southgate TRS, Inc.)	Complete	Garrett Simmons	2025-09-19	Draft form of intercompany lease between Fairwater Real Estate Investment Trust (landlord) and Fairwater Southgate TRS, Inc. (tenant). Annual base rent: $18,700,000. Term: 10 years with two 5-year renewal options. Annual escalator: 2.5% fixed. Triple-net: Southgate TRS responsible for all operating expenses, insurance, and property taxes attributable to TRS-operated spaces. TRS to operate food-and-beverage, parking management, and co-working-space operations; projected annual TRS gross revenue of $38,400,000.
10	REIT Qualification Metrics Schedule (Projected Post-Acquisition)	Complete	Leila Nazari	2025-09-19	Schedule setting forth projected REIT qualification metrics post-acquisition: Pre-acquisition total assets $7,820,000,000; acquisition add $812,000,000; dispositions subtract $602,000,000; projected post-acquisition total assets $8,030,000,000. Qualifying real estate assets in portfolio: $664,000,000; non-qualifying (TRS components): $148,000,000; projected TRS asset value post-restructuring: $147,000,000 (working-capital adjustment retained by Thornfield). 75% Asset Test: $6,580M ÷ $8,030M = 81.9% (pass; threshold 75%). TRS Asset Test: $147M ÷ $8,030M = 1.83% (pass; threshold 20% under IRC § 856(c)(4)(B)(ii)). 75% Gross Income Test: $493M ÷ $614M = 80.3% (pass; threshold 75%). 95% Gross Income Test: $596M ÷ $614M = 97.1% (pass; threshold 95%). 2024 Distribution Ratio: 92.7% of REIT taxable income (pass; threshold 90%). Market capitalization approx. $4,370,000,000 as of September 30, 2025.
11	Correct Number of Copies per Rev. Proc. 2025-1 Requirements	Complete	Leila Nazari	2025-09-22	Verified that the submission package includes the requisite number of copies of all documents as specified in Rev. Proc. 2025-1. Original plus required copies enclosed. Package shipped via Severin Partners LLC overnight on September 22, 2025, tracking no. 7749-2281-3364, to IRS National Office, Associate Chief Counsel (Income Tax & Accounting), 1111 Constitution Avenue NW, Washington, DC 20224. Delivery expected September 23, 2025.
TOTAL ITEMS COMPLETE	11 of 11	All checklist items verified complete. Package cleared for shipment.

[sheet: Cover Info]

Field	Value
Document Title	Pre-Submission Checklist — REIT Ruling Request Package
Confidentiality	PRIVILEGED & CONFIDENTIAL — Attorney Work Product
Firm	Calderwood & Harkness LLP
Firm Address	1750 K Street NW, Suite 900, Washington, DC 20006
Matter Number	1036-00006
Client	Fairwater Real Estate Investment Trust
Client EIN	52-4718263
Client Address	2400 Harbor Promenade, Suite 1100, Baltimore, MD 21202
Matter Description	Private Letter Ruling Request — REIT Qualification Under IRC §§ 856–860 in Connection with Acquisition of Southgate Portfolio from Thornfield Development Group, LLC and Formation of Fairwater Southgate TRS, Inc.
Prepared By	Leila Nazari, Working Associate, Tax
Reviewed By	Garrett Simmons, Lead Associate, Tax
Responsible Partner	Sylvia Hartwell, Tax Practice Group
Billing Partner	Leonard Cross, Tax Practice Group
Submission Date	September 22, 2025
Shipping Method	Severin Partners LLC Overnight
Severin Partners LLC Tracking No.	7749-2281-3364
Addressee	Associate Chief Counsel (Income Tax & Accounting), IRS National Office, 1111 Constitution Avenue NW, Washington, DC 20224
Anticipated IRS Branch	Branch 2 — Financial Institutions & Products
IRS User Fee	$38,000 (Category 2, Rev. Proc. 2025-1, Appendix A)
User Fee Check	Ridgeline National Bank, N.A. check no. 00471826, payable to United States Treasury
Form 2848 Representatives	Sylvia Hartwell (PTIN: P01882447); Garrett Simmons (PTIN: P02094518)
Checklist Completion Date	September 22, 2025
All Items Complete	Yes — 11 of 11 items verified complete

[sheet: Checklist]
Item No. | Item Description | Status | Responsible Attorney | Date Completed | Notes
1 | Signed Private Letter Ruling Request with Penalties-of-Perjury Declaration | Complete | Garrett Simmons | 2025-09-22 | Final ruling request dated September 22, 2025, addressed to Associate Chief Counsel (Income Tax & Accounting), IRS National Office, 1111 Constitution Avenue NW, Washington, DC 20224. Filed under Rev. Proc. 2025-1. Penalties-of-perjury declaration executed by Jonathan M. Hirota, VP Tax, on behalf of Fairwater Real Estate Investment Trust (EIN 52-4718263). Client sign-off received September 19, 2025. Requests three rulings under IRC §§ 856(c)(4)(B)(ii), 856(d), 856(d)(7)(B), and 856(d)(7)(C)(i).
2 | IRS Form 2848 — Power of Attorney and Declaration of Representative | Complete | Leila Nazari | 2025-09-22 | Executed by Jonathan M. Hirota on behalf of Fairwater (EIN 52-4718263). Designates Sylvia Hartwell (PTIN: P01882447) and Garrett Simmons (PTIN: P02094518) of Calderwood & Harkness LLP, 1750 K Street NW, Suite 900, Washington, DC 20006, as authorized representatives before the IRS with respect to REIT qualification under IRC §§ 856–860.
3 | IRS User Fee Payment — Check | Complete | Leila Nazari | 2025-09-22 | Ridgeline National Bank, N.A. check no. 00471826 in the amount of $38,000, payable to 'United States Treasury.' Category 2 (Specific Issues) per Rev. Proc. 2025-1, Appendix A.
4 | User Fee Transmittal Letter | Complete | Garrett Simmons | 2025-09-22 | Cover letter dated September 22, 2025, from Calderwood & Harkness LLP to Associate Chief Counsel (Income Tax & Accounting), IRS National Office, transmitting the $38,000 user fee check and referencing the ruling request filed on behalf of Fairwater Real Estate Investment Trust (EIN 52-4718263). References Form 2848 and Severin Partners LLC tracking no. 7749-2281-3364.
5 | Copy of Fairwater's Articles of Trust (Certified) | Complete | Leila Nazari | 2025-09-20 | Certified copy of Articles of Trust for Fairwater Real Estate Investment Trust, a Maryland real estate investment trust. REIT election effective for taxable year ended December 31, 2009; continuously qualified since that date. Registered agent: Capitol Registered Agents, Inc., 7 Saint Paul Street, Suite 820, Baltimore, MD 21202.
6 | Organizational Chart — Fairwater Entity Structure (Pre- and Post-Acquisition) | Complete | Leila Nazari | 2025-09-19 | Depicts Fairwater Real Estate Investment Trust (Maryland REIT, NYSE: FREIT) at top; existing subsidiary structure; proposed formation of Fairwater Southgate TRS, Inc. (Maryland corporation, taxable REIT subsidiary) to hold non-qualifying income-producing components (food-and-beverage, parking management, co-working-space operations). Shows Thornfield Development Group, LLC (Delaware LLC) as seller, with Rowan Capital Partners, LP (Delaware LP, 87.5% equity holder, managing member) as parent. Calvin J. Murchison identified as Founder & Managing Partner of Rowan Capital.
7 | Summary of Southgate Portfolio Properties (11 Properties) | Complete | Leila Nazari | 2025-09-18 | Schedule listing all 11 mixed-use properties: Southgate Commons I (Richmond, VA, 385,000 SF, $98M); Southgate Commons II (Richmond, VA, 310,000 SF, $79M); Harborview Station (Norfolk, VA, 275,000 SF, $71M); Charlottesville Crossing (Charlottesville, VA, 220,000 SF, $56M); Piedmont Walk (Durham, NC, 340,000 SF, $88M); Triangle Gateway (Raleigh, NC, 410,000 SF, $106M); Ashford Place (Charlotte, NC, 290,000 SF, $74M); Savannah River Center (Savannah, GA, 195,000 SF, $49M); Buckhead Terrace (Atlanta, GA, 365,000 SF, $94M); Midtown Promenade (Atlanta, GA, 230,000 SF, $58M); Decatur Station (Decatur, GA, 80,000 SF, $39M). Total: 3,100,000 SF; aggregate purchase price $812,000,000. Seller: Thornfield Development Group, LLC (EIN 83-2956104). PSA executed August 1, 2025. Expected closing Q1 2026.
8 | Caldwell Valuation Group Appraisal Summary — Arm's-Length Rent Opinion | Complete | Garrett Simmons | 2025-09-18 | Summary of independent appraisal by Caldwell Valuation Group, LLC (4200 Dominion Boulevard, Suite 310, Glen Allen, VA 23060), dated August 30, 2025. Supports the $18,700,000 annual base rent under proposed intercompany leases (Fairwater → Southgate TRS) as arm's-length under IRC § 856(d)(7)(B). Lease terms: 10-year term, two 5-year renewal options, 2.5% fixed annual escalator, triple-net structure.
9 | Proposed Intercompany Lease Form (Fairwater → Fairwater Southgate TRS, Inc.) | Complete | Garrett Simmons | 2025-09-19 | Draft form of intercompany lease between Fairwater Real Estate Investment Trust (landlord) and Fairwater Southgate TRS, Inc. (tenant). Annual base rent: $18,700,000. Term: 10 years with two 5-year renewal options. Annual escalator: 2.5% fixed. Triple-net: Southgate TRS responsible for all operating expenses, insurance, and property taxes attributable to TRS-operated spaces. TRS to operate food-and-beverage, parking management, and co-working-space operations; projected annual TRS gross revenue of $38,400,000.
10 | REIT Qualification Metrics Schedule (Projected Post-Acquisition) | Complete | Leila Nazari | 2025-09-19 | Schedule setting forth projected REIT qualification metrics post-acquisition: Pre-acquisition total assets $7,820,000,000; acquisition add $812,000,000; dispositions subtract $602,000,000; projected post-acquisition total assets $8,030,000,000. Qualifying real estate assets in portfolio: $664,000,000; non-qualifying (TRS components): $148,000,000; projected TRS asset value post-restructuring: $147,000,000 (working-capital adjustment retained by Thornfield). 75% Asset Test: $6,580M ÷ $8,030M = 81.9% (pass; threshold 75%). TRS Asset Test: $147M ÷ $8,030M = 1.83% (pass; threshold 20% under IRC § 856(c)(4)(B)(ii)). 75% Gross Income Test: $493M ÷ $614M = 80.3% (pass; threshold 75%). 95% Gross Income Test: $596M ÷ $614M = 97.1% (pass; threshold 95%). 2024 Distribution Ratio: 92.7% of REIT taxable income (pass; threshold 90%). Market capitalization approx. $4,370,000,000 as of September 30, 2025.
11 | Correct Number of Copies per Rev. Proc. 2025-1 Requirements | Complete | Leila Nazari | 2025-09-22 | Verified that the submission package includes the requisite number of copies of all documents as specified in Rev. Proc. 2025-1. Original plus required copies enclosed. Package shipped via Severin Partners LLC overnight on September 22, 2025, tracking no. 7749-2281-3364, to IRS National Office, Associate Chief Counsel (Income Tax & Accounting), 1111 Constitution Avenue NW, Washington, DC 20224. Delivery expected September 23, 2025.
TOTAL ITEMS COMPLETE | 11 of 11 | All checklist items verified complete. Package cleared for shipment.
[sheet: Cover Info]
Field | Value
Document Title | Pre-Submission Checklist — REIT Ruling Request Package
Confidentiality | PRIVILEGED & CONFIDENTIAL — Attorney Work Product
Firm | Calderwood & Harkness LLP
Firm Address | 1750 K Street NW, Suite 900, Washington, DC 20006
Matter Number | 1036-00006
Client | Fairwater Real Estate Investment Trust
Client EIN | 52-4718263
Client Address | 2400 Harbor Promenade, Suite 1100, Baltimore, MD 21202
Matter Description | Private Letter Ruling Request — REIT Qualification Under IRC §§ 856–860 in Connection with Acquisition of Southgate Portfolio from Thornfield Development Group, LLC and Formation of Fairwater Southgate TRS, Inc.
Prepared By | Leila Nazari, Working Associate, Tax
Reviewed By | Garrett Simmons, Lead Associate, Tax
Responsible Partner | Sylvia Hartwell, Tax Practice Group
Billing Partner | Leonard Cross, Tax Practice Group
Submission Date | September 22, 2025
Shipping Method | Severin Partners LLC Overnight
Severin Partners LLC Tracking No. | 7749-2281-3364
Addressee | Associate Chief Counsel (Income Tax & Accounting), IRS National Office, 1111 Constitution Avenue NW, Washington, DC 20224
Anticipated IRS Branch | Branch 2 — Financial Institutions & Products
IRS User Fee | $38,000 (Category 2, Rev. Proc. 2025-1, Appendix A)
User Fee Check | Ridgeline National Bank, N.A. check no. 00471826, payable to United States Treasury
Form 2848 Representatives | Sylvia Hartwell (PTIN: P01882447); Garrett Simmons (PTIN: P02094518)
Checklist Completion Date | September 22, 2025
All Items Complete | Yes — 11 of 11 items verified complete

[sheet: Checklist]

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