# EDGAR Filing Document

**Accession Number:** 0001692951
**File Stem:** 0001692951-25-000287
**Filing Date:** 2025-12
**Character Count:** 26165
**Document Hash:** 3402cae174710c65f7437714a4a348f7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001692951-25-000287.hdr.sgml**: 20251219

**ACCESSION NUMBER**: 0001692951-25-000287

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251218

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251219

**DATE AS OF CHANGE**: 20251219

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cottonwood Communities, Inc.
- **CENTRAL INDEX KEY:** 0001692951
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56165
- **FILM NUMBER:** 251586607

**BUSINESS ADDRESS:**
- **STREET 1:** 1245 BRICKYARD RD.
- **STREET 2:** SUITE 250
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84106
- **BUSINESS PHONE:** 801-278-0700

**MAIL ADDRESS:**
- **STREET 1:** 1245 BRICKYARD RD.
- **STREET 2:** SUITE 250
- **CITY:** SALT LAKE CITY
- **STATE:** UT
- **ZIP:** 84106

?xml version='1.0' encoding='ASCII'? cci-20251218

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**<u>____________________</u>**

**FORM 8-K** 

**<u>____________________</u>**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE** 

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of Earliest Event Reported): December 18, 2025

**<u>____________________</u>**

**Cottonwood Communities, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

**<u>____________________</u>**

---

| | | |
|:---|:---|:---|
| **Maryland** | **000-56165** | **61-1805524** |
| (State or other jurisdiction of incorporation) | (Commission file number) | (IRS employer identification number) |

---

**1245 Brickyard Road, Suite 250**

**Salt Lake City, Utah 84106**

(Address of Principal Executive Offices)

**(801) 278-0700**

(Registrant's Telephone Number, Including Area Code)

**<u>____________________</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered <br> <u>None</u> <u>N/A</u> <u>N/A</u>

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 1.01 Entry into a Material Agreement.**

On December 18, 2025, Cottonwood Communities, Inc. ("CCI"), Cottonwood Residential O.P., LP ("CROP"), a subsidiary and the operating partnership of CCI, and CC Advisors III, LLC ("CC Advisors III"), the external advisor to CCI and CROP, entered into an amendment (the "Amendment") to the Amended and Restated Advisory Agreement dated May 7, 2025 (the "Advisory Agreement"). The Amendment reduces the management fee payable to CC Advisors III pursuant to the Advisory Agreement to an annualized amount equal to 1.25% of adjusted NAV of CROP. Adjusted NAV of CROP is defined to include the value attributable to preferred stock that is convertible into common equity in the calculation of net asset value of CROP.

**Item 2.01 Completion of Acquisition or Disposition of Assets.**

As previously disclosed in the Current Report on Form 8-K of CCI filed with the Securities and Exchange Commission on June 26, 2025 (the "Prior 8-K") and <u>[incorporated herein by reference](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001692951/000119312525148962/d921117d8k.htm)</u>, CCI, CROP, Cottonwood Communities GP Subsidiary, LLC, a wholly owned subsidiary of CCI ("Merger Sub" and together with CCI and CROP, the "CCI Parties"), RealSource Properties, Inc. ("RS") and RealSource Properties OP, LP, a subsidiary and the operating partnership of RS ("RSOP" and together with RS, the "RS Parties"), entered into an Agreement and Plan of Merger dated June 25, 2025 (as amended on November 12, 2025, the "Merger Agreement").

On December 18, 2025, upon the terms and subject to the conditions of the Merger Agreement, (i) RS merged with and into Merger Sub, with Merger Sub surviving as a direct, wholly owned subsidiary of CCI (the "Company Merger") and (ii) RSOP merged with and into CROP, with CROP surviving (the "Partnership Merger" and, together with the Company Merger, the "Merger"). At such time, in accordance with the Maryland General Corporation Law, the Maryland Limited Liability Company Act and the Delaware Revised Uniform Limited Partnership Act, as applicable, the separate existences of RS and RSOP ceased.

At the effective time of the Company Merger, each issued and outstanding share of RS common stock, $0.01 par value per share ("RS Common Stock"), was converted into the right to receive 0.8634 shares of Class I common stock of CCI, $0.01 par value per share (the "CCI Common Stock"), subject to further adjustment as described below. Shares of RS Common Stock held as of immediately prior to the effective time of the Company Merger by CCI, any wholly owned subsidiary of CCI, or any wholly owned subsidiary of RS were automatically canceled in connection with the Company Merger without receiving payment.

At the effective time of the Partnership Merger, each issued and outstanding common unit of limited partnership interests in RSOP ("RSOP Partnership Unit") was converted into the right to receive 0.8634 common units of limited partnership interest in CROP ("CROP Common Units"), subject to further adjustment as described below. RSOP Partnership Units held as of immediately prior to the effective time of the Partnership Merger by CCI, any wholly owned subsidiary of CCI, RS, or any wholly owned subsidiary of RS were canceled in connection with the Partnership Merger without receiving payment.

As provided in the Merger Agreement, the exchange ratio at closing was adjusted downward from 0.8893 (i) for Transaction Expenses (as defined in the Merger Agreement) incurred by the RS Parties to the extent they exceeded $4,675,000, and (ii) for the extent to which RSOP's "net current assets" (as defined in the Merger Amendment) were below negative $2,571,106. The Merger Agreement also provides for post-closing adjustments to the exchange ratio. The post-closing adjustments to the exchange ratio are summarized below. (Readers should review the Merger Agreement attached for a complete description of these and other adjustments.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the second anniversary of the Merger, the CCI Parties have the right to initiate a reduction to the exchange ratio in respect of potential losses that are discovered after the Merger arising under environmental laws and regulations that are attributable to the ownership or operation of the properties of the RS Parties before the Merger (irrespective of whether the matter giving rise to such losses was disclosed by RS in the Merger Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the first anniversary of the Merger, the CCI Parties have the right to initiate a reduction to the exchange ratio in respect of potential losses (other than potential losses arising under environmental laws and regulations that are attributable to the ownership or operation of the properties of the RS Parties before the Merger) that are discovered after the Merger arising from (1) the inaccuracy or breach by the RS Parties of any representation or warranty of the RS Parties contained in the Merger Agreement, (2) the breach of any agreement or covenant of the RS Parties contained in the Merger Agreement, and (3) except for certain excluded claims, any claim relating to transactions contemplated by the Merger Agreement brought by a securityholder of the RS Parties against the RS Parties, any of

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their affiliates or any of their respective officers or directors who held such positions at or prior to the Merger. The adjustments for the losses described in this bullet (the "CCI Merger Agreement Losses") are subject to "tipping baskets" and, combined with all losses under the indemnification provisions of the Internalization Agreement described under "The Pre-Merger Transactions" below, are capped at $30 million in the aggregate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Until the first anniversary of the Merger, the RS Representative (as defined in the Merger Agreement) has the right to initiate an adjustment to the exchange ratio in respect of potential losses that are discovered after the Merger arising from (1) the inaccuracy or breach by the CCI Parties of any representation or warranty of the CCI Parties contained in the Merger Agreement, or (2) the breach by the CCI Parties of any agreement or covenant of the CCI Parties contained in the Merger Agreement, subject to a cap of $20 million and a "tipping basket."

Although there is a limited period by which CCI and RS must initiate these adjustments, once timely initiated, the adjustment can occur any time thereafter once the amount has been determined.

In addition, the Merger Agreement contains provisions adjusting the exchange ratio (i) for the costs incurred by CCI within 12 months after the closing of the Merger to obtain certificates of occupancy (or a certificate of occupancy exception notice) for certain properties acquired in the Merger and (ii) in connection with the sale by CCI of a parcel of land to be acquired in the Merger, which adjustments are not expected to be material to CCI.

Any adjustment to the exchange ratio issuable to the securityholders of the RS Parties will be by means of appropriate changes to the books and records of the CCI Parties with respect to the number of securities held by the securityholders of the RS Parties. Until the terms and procedures described above have expired or been finalized, all transferees of securities issued in the Merger will be subject to a potential adjustment to the exchange ratio. By accepting any portion of the merger consideration the securityholders of the RS Parties irrevocably agreed not to seek to have a portion of their merger consideration repurchased under CCI's share repurchase plan or the CROP unit repurchase plan to the extent such consideration could still be recovered by the CCI Parties under the provisions of the Merger Agreement relating to post-closing adjustments to the exchange ratio.

The foregoing description of the Merger Agreement contained in this Item 2.01 does not purport to be complete and is subject to, and qualified in its entirety by, reference to the Merger Agreement, a copy of which is incorporated by reference as Exhibit 2.1 and 2.2 to this Current Report on Form 8-K.

The Company Merger is intended to qualify as a "reorganization" under, and within the meaning of, Section 368(a) of the Internal Revenue Code of 1986, as amended. The Partnership Merger is intended to be treated as an "assets-over merger" within the meaning of Section 1.708-1(c)(3)(i) of the Treasury Regulations, with CROP treated as the "resulting partnership" for purposes of Section 1.708-1(c) of the Treasury Regulations.

***The Pre-Merger Transactions***

Contemporaneously with closing the Merger, the RS Parties completed certain "Pre-Merger Transactions" pursuant to an Internalization Agreement as follows. RSOP acquired all of the equity interest in RealSource Properties Advisor, LLC, which is the external advisor to the RS Parties ("RS Advisor"), RS Properties Management, LLC, which provides property management services to properties owned by subsidiaries of RSOP ("RS Property Manager"), and RealSource Management LLC, which provides personnel to RS Advisor and RS Property Manager and property management services to properties owned by subsidiaries of RSOP as well as seven properties held by third parties ("RSM" and together with RS Advisor and RS Property Manager, the "Contributed Entities"). In addition, (i) the Advisory Agreement between RS Advisor and the RS Parties (the "RS Advisory Agreement") was terminated, (ii) RS Advisor, as holder of a special limited partnership interest in RSOP, waived the right to require RSOP to purchase such special limited partnership interest in connection with the termination of the RS Advisory Agreement and (iii) RS Advisor waived its right under the RS Advisory Agreement to receive disposition fees in connection with the Merger. The total consideration under the Internalization Agreement was 2,142,135.1721 common units of RSOP, which units converted into the right to receive CROP common units in the Merger as described above.

**Item 7.01. Regulation FD Disclosure.**

A press release announcing the completion of the Merger is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein solely for purposes of this Item 7.01 disclosure.

Pursuant to the rules and regulations of the Securities and Exchange Commission, the information in this Item 7.01 disclosure, including Exhibit 99.1 and information set forth therein, is deemed to have been furnished and shall not be deemed to be "filed" under the Securities Exchange Act of 1934, as amended.

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**Item 8.01 Other Information.**

CCI's executive officers intend to make an aggregate investment of $3.0 million in CCI divided equally between (i) CCI Common Stock or CROP Common Units, at the election of the individual, and (ii) Series A convertible preferred stock no later than January 2, 2026.

**Item 9.01. Financial Statements and Exhibits**

**(a) Financial Statements of Businesses Acquired**

As permitted by Item 9.01(a)(3) of Form 8-K, the audited financial statements required by this Item will be filed by amendment to this Current Report on Form 8-K within 71 days following the date on which this Current Report is required to be filed.

**(b) Pro Forma Financial Information**

As permitted by Item 9.01(b)(2) of Form 8-K, the pro forma financial information required by this Item will be filed by amendment to this Current Report on Form 8-K within 71 days following the date on which this Current Report is required to be filed.

**(d) &nbsp;&nbsp;&nbsp;&nbsp;Exhibits**

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| | |
|:---|:---|
| **Exhibit No.&nbsp;&nbsp;&nbsp;&nbsp;** | **Description** |
| 2.1 | <u>[Agreement and Plan of Merger dated June 25, 2025, by and among Cottonwood Communities, Inc., Cottonwood Residential O.P., LP, Cottonwood Communities GP Subsidiary, LLC, RealSource Properties, Inc. and RealSource Properties OP, LP (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed June 26, 2025)](https://www.sec.gov/Archives/edgar/data/1692951/000119312525148962/d921117dex21.htm)</u> |
| 2.2 | <u>[Amendment to Merger Agreement dated November 12, 2025, by and among Cottonwood Communities, Inc., Cottonwood Residential O.P., LP, Cottonwood Communities GP Subsidiary, LLC, RealSource Properties, Inc. and RealSource Properties OP, LP (incorporated by reference to Exhibit 2.2 to the Company's Quarterly Report on Form 10-Q filed November](https://www.sec.gov/Archives/edgar/data/1692951/000169295125000256/mergeragreementamendment11.htm)[13](https://www.sec.gov/Archives/edgar/data/1692951/000169295125000256/mergeragreementamendment11.htm)[, 2025)](https://www.sec.gov/Archives/edgar/data/1692951/000169295125000256/mergeragreementamendment11.htm)</u> |
| 10.1 | <u>[First Amendment to Amended and Restated Advisory Agreement by and among Cottonwood Communities, Inc., Cottonwood Residential O.P., LP and CC Advisors III, LLC dated December](advisoryagreementamendment.htm)[1](advisoryagreementamendment.htm)[8](advisoryagreementamendment.htm)[, 2025](advisoryagreementamendment.htm)</u> |
| 99.1 | <u>[Press release](cottonwoodrealsourceacquis.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | |
|:---|:---|
| COTTONWOOD COMMUNITIES, INC. | COTTONWOOD COMMUNITIES, INC. |
| By: | /s/ Enzio Cassinis |
| Name: | Enzio Cassinis |
| Title: | President |

---

Date: December 19, 2025

## Exhibit 10.1

**Exhibit 10.1**

FIRST AMENDMENT TO THE<br>AMENDED AND RESTATED ADVISORY AGREEMENT

This Amendment (this "Amendment") to the Amended and Restated Advisory Agreement among CC Advisors III, LLC, a Delaware limited liability company (the "Advisor"), Cottonwood Communities, Inc., a Maryland corporation (the "Company") and Cottonwood Residential O.P., LP, a Delaware limited partnership ("CROP") dated May 7, 2025 (the "Advisory Agreement") is effective as of December 18, 2025. Capitalized terms used herein but not defined shall have the meaning set forth in the Advisory Agreement.

WHEREAS, upon the terms set forth in this Amendment, the Company, CROP and the Advisor have agreed to reduced the amount of the Management Fee payable to the Advisor by CROP;

NOW, THEREFORE, in consideration of the mutual agreements and covenants contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Company, CROP and the Advisor agree to amend the Advisory Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Management Fees. Section 8.1 of the Advisory Agreement is hereby amended and restated in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1. Management Fees. The Operating Partnership will pay the Advisor a monthly management fee (the "Management Fee") equal to 0.104167% of Adjusted NAV, before giving effect to any accruals (related to the month for which the Management Fee is being calculated) for the Management Fee, the Distribution Fee, the Performance Allocation (as defined in the Operating Partnership Agreement) or any distributions. The Advisor shall receive the Management Fee as compensation for services rendered hereunder. If the REIT owns assets other than through the Operating Partnership, the REIT will pay a corresponding fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. As amended hereby, the Advisory Agreement shall continue in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The terms and provisions of this Amendment shall be binding upon and shall inure to the benefit of the successors and assigns of the respective parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. This Amendment may be executed in several counterparts, and all so executed shall constitute one Agreement, binding on all of the parties hereto, notwithstanding that all of the parties are not signatory to the original or the same counterpart.

[*Signatures on the following page.*]

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IN WITNESS WHEREOF, the parties hereto have entered this Amendment to be effective as of the date and year first above written.

REIT:

COTTONWOOD COMMUNITIES, INC.,

a Maryland corporation

By: <u>/s/ Gregg Christensen&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Gregg Christensen, Chief Legal Officer

OPERATING PARTNERSHIP:

COTTONWOOD RESIDENTIAL O.P., LP,

a Delaware limited partnership

By: Cottonwood Communities GP Subsidiary, LLC, a Maryland limited liability company, its general partner

By:&nbsp;&nbsp;&nbsp;&nbsp;Cottonwood Communities, Inc.,

&nbsp;&nbsp;&nbsp;&nbsp;a Maryland corporation, its sole member

By: <u>/s/ Gregg Christensen&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Gregg Christensen, Chief Legal Officer

CC ADVISORS III:

CC ADVISORS III, LLC,

a Delaware limited liability company

By: &nbsp;&nbsp;&nbsp;&nbsp;Cottonwood Communities Advisors, LLC, a <br>Delaware limited liability, its sole member

By: <u>/s/ Gregg Christensen&nbsp;&nbsp;&nbsp;&nbsp;</u>

&nbsp;&nbsp;&nbsp;&nbsp;Gregg Christensen, Chief Legal Officer

## Exhibit 99.1

**Exhibit 99.1**

**Cottonwood Communities Completes Acquisition of $500M RealSource Properties Multifamily Portfolio**

Salt Lake City, UT -- Cottonwood Communities, Inc., a multifamily sector-focused real estate investment trust, and RealSource Properties, Inc., a private owner of an 11-property, 3,565-unit multifamily portfolio, today announced Cottonwood Communities' acquisition of RealSource Properties in a private stock-for-stock and unit-for-unit merger transaction valued at approximately $500 million.

The acquisition increases the gross asset value of Cottonwood Communities' portfolio to $2.6 billion, with 48 multifamily communities and 11,037 units across 13 states, expanding its footprint into Ohio, Colorado and Kentucky and strengthening its presence in Texas, North Carolina, and Georgia.

Additionally, as part of the broader transaction, Cottonwood Communities assumed third-party property management of five other properties.

"The completion of this acquisition signals a pivot to an offensive posture for Cottonwood Communities ushering in a new phase of growth. Building on this momentum and the expanded scale of our platform, Cottonwood is well poised to advance our strategic priorities heading into 2026," said Daniel Shaeffer, Chief Executive Officer of Cottonwood Communities. "We are grateful for the continued trust of our shareholders and remain committed to delivering durable value, systematic growth, and long-term performance."

"We are proud of what RealSource has achieved and are confident that Cottonwood Communities' will build on this foundation. While working together throughout this process, we have observed firsthand the depth of Cottonwood's multifamily operations and investment experience and are confident they are well positioned to create lasting value and provide tax-efficient benefits for our equity holders," said Nate Hanks, Chief Executive Officer of RealSource Properties.

In connection with this acquisition, Cottonwood's executive officers intend to make an aggregate investment of $3 million in Cottonwood Communities, divided equally between Class I common stock or common partnership units and Series A convertible preferred stock. Further, Cottonwood Communities' advisor has reduced its asset management fee by 16.7% from 1.5% of net asset value ("NAV") to 1.25% of NAV effective as of the closing of the transaction.

These steps affirm leadership's conviction and confidence in the Company's trajectory and its commitment to Cottonwood's growth and performance.

**FORWARD-LOOKING STATEMENTS**

This communication contains statements that constitute "forward-looking statements," as such term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are intended to be covered by the safe harbor provided by the same. Forward-looking statements, which are based on management's current expectations and beliefs describe future plans, strategies and expectations of Cottonwood Communities and are generally identifiable by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," or other similar expressions. These statements are subject to a number of risks and uncertainties

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that could cause actual results to differ materially from those described in the forward-looking statements; no assurance can be given that these expectations will be attained. Factors that could cause actual results to differ materially from these expectations include, but are not limited to: (i) unanticipated difficulties or expenditures related to the integration of the RealSource properties into Cottonwood Communities' portfolio and operations, (ii) the assumption of certain potential and unknown liabilities relating to RealSource (iii) adjustments to the merger consideration after the closing of the merger as described in the merger agreement, (iv) availability of suitable investment opportunities, (v) changes affecting the real estate industry and changes in financial markets and interest rates, (vi) changes in market demand for rental apartment homes and pricing pressures that could limit the ability to lease units or increase rents or that could lead to declines in occupancy and rent levels, (vii) the availability and terms of financing, (viii) general economic conditions, (ix) legislative and regulatory changes that could adversely affect the business of Cottonwood Communities, and (x) other risks and factors, including those set forth in the "Risk Factors" section of Cottonwood Communities' most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the SEC, copies of which are available on the SEC's website, www.sec.gov. Cottonwood Communities undertakes no obligation to update or revise any forward-looking statements for revisions or changes after the date of this communication, except as required by law.

<br>