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2010 Boardwalk REIT Press Release

Boardwalk Rental Communities

May 17, 2010

Boardwalk REIT Announces First Quarter Financial Results; FFO Per Unit down 3.5% and DI Per Unit down 3.4% YOY; and Confirms Monthly Per Unit Distribution for May, June, and July 2010

Boardwalk REIT Announces First Quarter Financial Results; FFO Per Unit down 3.5% and DI Per Unit down 3.4% YOY; and Confirms Monthly Per Unit Distribution for May, June, and July 2010DOWNLOAD a PDF copy (Printer Friendly PDF File)

Boardwalk REIT Announces First Quarter Financial Results; FFO Per Unit down 3.5% 
and DI Per Unit down 3.4% YOY; and Confirms Monthly Per Unit Distribution for May, 
June, and July 2010

CALGARY, May 17 /CNW/ - Boardwalk Real Estate Investment Trust ("BEI.UN" - TSX) 
("Boardwalk", "Boardwalk REIT" or the "Trust") today announced financial results 
for the first quarter of 2010: Funds From Operations ("FFO") per unit down 3.5% 
and Distributable Income ("DI") per unit down 3.4% compared to the same period 
last year; and confirmed its May, June, and July 2010 Monthly Distribution of $0.15 
per Trust Unit. FFO and DI are non-GAAP measures; the reconciliation to Net Earnings 
and Total Operating Cash Flows, respectively, can be found in the Management's 
Discussion and Analysis (MD&A) for the first quarter ended March 31, 2010, under the
section titled, "Performance Measures". 1 During the first quarter of 2010, the 
Trust sold a 321-unit property in Gatineau, Quebec. 

For the first quarter ended March 31, 2010, the Trust reported FFO of $29.0 million
and FFO per unit of $0.55 on a diluted basis, compared to FFO of $30.5 million and 
FFO per unit of $0.57 for the same period last year. DI for the quarter was $29.3 
million and DI per unit was $0.56 on a diluted basis, compared to $30.8 million and 
$0.58 per unit for the same period last year. 

Impact of HST on our Ontario and BC Markets: 
Effective July 1, 2010, the Provinces of British Columbia and Ontario will merge 
their provincial sales tax with the federal goods and services tax (GST) into a 
single harmonized sales tax (HST) that will be applied to many of our input costs 
currently incurred by the Trust. The affected costs include utilities and other 
operating costs in those provinces. The ability of the Trust to pass on these costs 
to our Customers may be limited by existing rental legislation or rental market 
conditions. The Trust's operations in British Columbia and Ontario represented 
approximately 2.8% and 6.9%, respectively of total 2009 net operating income reported 
by the Trust. The estimated impact of the HST is higher operating costs of $0.1 
million for British Columbia and $0.7 million for Ontario on an annualized basis. 

Additional Information 
A more detailed analysis is included in the Management's Discussion and Analysis and 
Consolidated Financial Statements, which have been filed on SEDAR and can be viewed 
at or on the Trust's website at Additionally, 
more detail on our operations can be found in our conference call presentation and 
other supplemental materials, which are posted on our web site at A conference call to discuss these 
results will be held tomorrow morning (May 18, 2010) at 9:00 am EST. Please refer to 
the end of this press release for more details. 

    $ million, except per unit amounts
    Highlights of the Trust's First Quarter 2010 Financial Results
                                                 Three      Three
                                                Months     Months
                                              Mar 2010   Mar 2009   % Change
    Rental Revenue                              $105.0     $106.0      -1.0%
    Net Operating Income (NOI)                   $63.1      $64.2      -1.8%
    Funds From Operations (FFO)                  $29.0      $30.5      -4.8%
    Adjusted Funds From Operations (AFFO)        $24.9      $26.3      -5.3%
    FFO Per Unit                                 $0.55      $0.57      -3.5%
    AFFO Per Unit                                $0.47      $0.49      -4.1%
    Distributable Income (DI)                    $29.3      $30.8      -4.8%
    DI Per Unit                                  $0.56      $0.58      -3.4%
    Distributions Declared                       $23.7      $24.0
    Distributions Declared Per Unit              $0.45      $0.45
    (2010 Target $1.80 Per Unit on an
     annualized basis)
    Payout as a % AFFO                           95.2%      91.0%
    Payout as a % DI                             81.1%      77.9%
    For further detail, please refer to pages 11 & 12 of the MD&A.
    Portfolio Highlights for the First Quarter 2010
                                              Mar 2010   Dec 2009   Mar 2009
    Average Occupancy (3 Months)                96.85%     96.63%     94.66%
    Average Monthly Rent (3 Months)               $973       $981       $979
    Average Market Rent (Period Ended)            $988       $998     $1,023
    Average Occupied Rent (Period Ended)        $1,002     $1,013     $1,030
    Loss-to-Lease ($ million) (Period Ended)     ($6.0)     ($6.4)     ($3.1)
    Loss-to-Lease Per Trust Unit (Period Ended) ($0.11)    ($0.12)    ($0.06)
    Cash & Cash Equivalents (Period Ended
     ($ million)                                $168.1     $190.3     $123.2
    Debt-to-GBV ("Gross Book Value")
     (Period Ended)                              60.9%      61.1%      60.6%
    Operating Margin (3 Months)                  60.1%      62.7%      60.6%
    Same Property Results                     % Change
                                              Year - 3
                                            Months Mar
    Rental Revenue                               -0.7%
    Operating Costs                               1.1%
    Net Operating Income (NOI)                   -1.9%
    For further detail, please refer to pages 15-18 of the MD&A.
    Sequential Revenue Analysis
    Stabilized Revenue        No. of   Q1 2010   Q4 2009   Q3 2009   Q2 2009
    Growth                     Units    vs. Q4    vs. Q3    vs. Q2    vs. Q1
                                          2009      2009      2009      2009
    Calgary                    4,937     -3.1%     -0.9%     -1.2%     -0.7%
    Edmonton                  12,425     -1.2%      0.1%     -0.4%     -1.2%
    Other Alberta              2,203     -1.9%     -1.7%     -3.4%     -1.6%
    British Columbia             954      1.4%      2.2%      0.1%     -0.2%
    Ontario                    4,265      0.0%      2.1%     -0.2%      0.0%
    Quebec                     6,088      0.4%      1.4%      0.4%      0.7%
    Saskatchewan               4,660      1.1%      2.0%      2.4%      3.2%
                              35,532     -0.8%      0.5%     -0.2%     -0.2%
On a sequential basis, stabilized revenues decreased 0.8% from Q4 2009 to Q1 
2010, increased 0.5% from Q3 2009 to Q4 2009, decreased 0.2% from Q2 2009 to Q3 
2009, and decreased 0.2% from Q1 2009 to Q2 2009. 

For further detail, please refer to page 17 of the MD&A. 

Economic Market Fundamentals From Across Canada: 
Unemployment, migration and wages 

    Market Fundamentals
                          BC                Alberta           Saskatchewan
                          --                -------           -------------
                          April    April    April    April    April    April
                           2010     2009     2010     2009     2010     2009
    Unemployment Rate      7.3%     7.4%     7.4%     6.0%     5.2%     5.0%
                        Q4 2009  Q4 2008  Q4 2009  Q4 2008  Q4 2009  Q4 2008
    Net Interprovincial
     Migration            2,306    1,453   -2,780    6,198      762      949
    Net International
     Migration            9,027   10,083    3,295    8,462    1,367    1,557
    Total Net Migration  11,333   11,536      515   14,660    2,129    2,506
                            Feb      Feb      Feb      Feb      Feb      Feb
                        2009 to  2008 to  2009 to  2008 to  2009 to  2008 to
                            Feb      Feb      Feb      Feb      Feb      Feb
                           2010     2009     2010     2009     2010     2009
    Average Weekly
    Wages Growth           2.7%    -0.5%     2.5%     5.4%     3.4%     3.5%
                        Ontario            Quebec
                        -------            ------
                          April    April    April    April
                           2010     2009     2010     2009
    Unemployment Rate      8.8%     8.7%     7.9%     8.4%
                        Q4 2009  Q4 2008  Q4 2009  Q4 2008
    Net Interprovincial
     Migration             -712   -6,517      267   -2,139
    Net International
     Migration            5,406    5,337    6,278    6,359
    Total Net Migration   4,694   -1,180    6,545    4,220
                            Feb      Feb      Feb      Feb
                        2009 to  2008 to  2009 to  2008 to
                            Feb      Feb      Feb      Feb
                           2010     2009     2010     2009
    Average Weekly
    Wages Growth           3.4%     1.1%     2.7%     2.2%
    Source: Statistics Canada

Western Canada: 
Overall, economic fundamentals in the West continued to show improvement in the
first three months of 2010. In the month of April, Saskatchewan again had the 
lowest unemployment rate out of the provinces, at 5.2%. Although Alberta was the 
only province to see an employment decline since July 2009, losing 3,000 jobs in 
March, employment in the province rose by 10,000 in April, pushing the unemployment 
rate down to 7.4%. BC had an unemployment rate of 7.3% for the same month, with 
employment gains of 13,000. Employment growth for all three provinces is expected 
to be positive in 2010, a positive indicator for the rental market. According to 
the most recent numbers, Saskatchewan and BC saw gains from interprovincial migration, 
while Alberta posted interprovincial losses for the second consecutive quarter. BC 
had the largest gains in international and interprovincial migration out of all the 
provinces, with more than half its interprovincial gains from Alberta. Despite losses 
in interprovincial migration, Alberta still saw gains from international migration, along 
with BC and Saskatchewan, contributing to rental demand. The western provinces saw 
positive wage growth on a year-over-year basis, and are expected to see healthy GDP 
growth this year, with BC forecasted to have the highest GDP growth out of all the 
provinces, at 3.7%. In Alberta, oil sands investment is currently estimated at 
$142 billion, and is expected to rise 10% in 2010, but remain well below the peak 
levels seen in 2008. The moderate pace will allow for more sustainable long-term growth 
in the province. As a result of reduced demand for natural gas combined with increased 
supply, drilling is expected to recover only slightly in 2010, while prices will remain 
fairly low. 

Eastern Canada: 
Ontario and Quebec are also showing signs of recovery, with employment and GDP growth 
expected to increase in 2010. Unemployment in Ontario for April 2010 remained unchanged 
at 8.8%, and with an employment gain of 41,000, employment in the province has been 
on the rise since May 2009. Following little employment change between October 2009 
and March 2010, the manufacturing industry saw a loss of 21,000 jobs in April. In 
Quebec, unemployment was down slightly, at 7.9% for April, compared to 8.0% the 
previous month, and employment increased by 35,000. Both Ontario and Quebec continue 
to see gains from international migration. Quebec saw its first gains from 
interprovincial migration since 1988, and Ontario saw its lowest interprovincial 
losses for the quarter since 2001. 

MLS Housing Prices: 
As the rental market is in direct competition with the housing market, Boardwalk 
reports on MLS Housing Prices each quarter. MLS Housing Prices have historically 
been a leading indicator for rental rates. 

    MLS Housing Prices
    British Columbia                   Vancouver CMA         Victoria CMA
                                   Mar 2010   Mar 2009   Mar 2010   Mar 2009
    Average Single Family             na         na      $633,938   $534,689
    Average Condo                     na         na      $336,779   $295,624
    Average Overall                $584,435   $485,845      Na         na
    Alberta                         Calgary                  Edmonton  CMA
                                   Mar 2010   Mar 2009   Mar 2010   Mar 2009
    Average Single Family          $471,269   $420,354   $388,473   $349,716
    Average Condo                  $296,660   $284,056   $252,416   $230,469
    Saskatchewan                      Saskatoon CMA       Regina
                                   Mar 2010   Mar 2009   Mar 2010   Mar 2009
    Average Overall                $282,615   $266,620   $250,826   $246,718
    Ontario                            London CMA             Windsor CMA
                                   Mar 2010   Mar 2009   Mar 2010   Mar 2009
    Average Single Family          $242,557   $215,343      Na         na
    Average Condo                  $172,214   $147,282      Na         na
    Average Overall                   na         na      $150,632   $147,695
    Quebec                            Montreal CMA
                                   Mar 2010   Mar 2009
    Average Overall(*)             $280,574   $254,502
    Internally generated, NA = Data not available, (*)Internally
    calculated based on volume of sales and total sales as provided by the
    Greater Montreal Real Estate Board. Source: Association of Regina
    REALTORS(R), Calgary Real Estate Board, Canada Mortgage and Housing
    Corporation, Canadian Real Estate Association, Edmonton Real Estate
    Board, Greater Montreal Real Estate Board, London and St. Thomas
    Association of REALTORS(R), Real Estate Board of Greater Vancouver,
    Saskatoon Region Association of REALTORS(R), Victoria Real Estate Board,
    Windsor-Essex County Real Estate Board

Western Canada: 
The housing market in Western Canada continues to stabilize, with more balance 
between supply and demand. As of March 2010, resale prices continued to be higher 
year-over-year, while sales and listings were on the rise, as people took advantage 
of opportunities to buy or sell before mortgage rates increase. Housing starts are 
expected to rise in 2010, contributing to supply. In Calgary, single-family and 
condominium prices for March were up 12% and 4%, respectively, year-over-year. 
Edmonton also saw price increases in March, with single-family and condominium prices 
increasing 11% and 10%, respectively, year-over-year. Sales and listings for both 
cities were up for the month of March compared to the same time last year. Home 
prices in Saskatchewan saw a more moderate increase for March, with the average 
residential sale price in Saskatoon rising 6%, and the average residential sale price 
for Regina increasing 2%, year-over-year. In Regina, new listings helped balance out 
reduced inventory levels. Housing prices remain strong in BC, with the average 
residential sale price in Vancouver rising 20% in March, compared to the same time 
last year. In Victoria, single-family and condominium prices rose 19% and 14% 
year-over-year, respectively, in March. While sales increased year-over-year, 
inventory was slightly lower, but up from the previous month. As interest rates and 
home prices increase, renting will become a more affordable option. 

Eastern Canada: 
Eastern Canada housing markets are also performing well, compared to the same time 
last year. In London, single-family and condominium prices were up 13% and 17% for 
the month of March, and Windsor's average residential sale price was up 2% 
year-over-year for the same period. Sales in Windsor were up compared to the same 
time last year, while listings in March were lower year-over-year, but up from the 
previous month. In Montreal, residential sales for March were up 38% year-over-year, 
and the average overall price increased 10% in the same period. Single-family and 
condominium sales increased 21% and 17%, respectively. 

As of May 17, 2010, the Trust's dispositions were as follow: 

    Building                                     Cap       $/     $/  Closing
     Name       City    Type  Units    Price     Rate     Unit  Sq.Ft.  Date
    Habitat   Gatineau, High   321  $19,350,000  6.89%  $ 60,280 $ 95  March
     du Lac    QC       Rise                                              16,
     Leamy                                                              2010
    Heritage  Calgary,  Mid     95  $13,585,000  6.20%  $143,000 $211  April
     Gardens   AB       Rise                                              23,
    Les       Montreal, Mid    178  $ 8,925,000  6.36%  $ 50,140 $104  April
     Jardins   QC       Rise                                              30,
     Bourassa                                                           2010
    Total                      594  $41,860,000  6.56%  $ 70,471 $118
For further detail, please refer to page 20 of the MD&A. 

Unit Buyback 
In August 2009, Boardwalk successfully renewed its Normal Course Issuer Bid 
(the "Third Bid"), which allows Boardwalk to purchase up to 3,932,211 Trust Units, 
representing 10% of its public float of Trust Units, through the facilities of The 
Toronto Stock Exchange. The Bid commenced on August 24, 2009 and will terminate 
on August 23, 2010 or such earlier time as the Bid is complete. 

With its significant liquidity position, the Trust continues to look for opportunities 
to deploy a portion of surplus funds. The Trust continues to view the purchase of its 
Trust Units on the public market as a good investment; however, it believes that a balanced 
approach is necessary with respect to its buyback strategy compared to other options for 
deploying surplus cash. During the first quarter of 2010, no Trust Units were purchased 
and cancelled under the Third Bid. Cumulatively, since August 17, 2007, the Trust purchased 
and canceled 3,958,447 Trust Units, representing a total purchase cost of $146.7 million, 
or an average cost of $37.07 per Trust Unit. The Trust continues to review all available 
options that management believes will provide the greatest return to our Unitholders. 

As at March 31, 2010, Boardwalk REIT had 48,277,704 issued and outstanding Trust Units, 
plus 4,475,000 Class "B" Units of Boardwalk REIT Limited Partnership exchangeable for Trust 
Units on a one-for-one basis at the option of the holder. Accordingly, if all of the LP B 
Units were exchanged for REIT Units, the total issued and outstanding REIT Units would be 

For further detail, please refer to pages 21 & 22 of the MD&A. 

Liquidity and Continued Financial Strength 
The Trust maintained its solid financial position throughout the first quarter of 2010. 
Boardwalk REIT's total principal mortgage and debt outstanding was $2.32 billion as of 
March 31, 2010, as compared to $2.35 billion as of December 31, 2009. As of March 31, 2010, 
the Trust's total debt had an average term maturity of approximately 3 years with a 
weighted average interest rate of 4.49% and the debt-to-total enterprise value ratio was 51.1%. 

At March 31, 2010, the Trust had available cash of approximately $168 million. In addition, 
the Trust had available under its committed revolving credit facility an amount of 
approximately $198 million, resulting in a total current liquidity of $366 million. For 
the remainder of fiscal 2010, the Trust has maturing mortgages totalling approximately 
$381.0 million, which currently represents an approximate 46% loan-to-underwriting value 
ratio and, thus, represents a source of additional potential liquidity. 
Current new and renewal interest financing rates on National Housing Act insured mortgages 
are well below the stated 4.63% on its 2010 maturing mortgages. 

The Trust's interest coverage ratio, excluding gains, for the first quarter ended 
March 31, 2010 was 2.17 times compared to 2.19 times for the same period last year. 

For further detail, please refer to pages 23-25 of the MD&A. 

Outlook and 2010 Financial Guidance 
Our Financial Guidance for 2010 remains unchanged, and is as follows: 

    Description                          Original Guidance
    Acquisitions                         None
    Stabilized Building NOI growth       -2% to 0%
    FFO per Trust Unit                   $2.45 to $2.60
    DI per Trust Unit                    $2.47 to $2.62

As is customary, management will update the market on our Annual 2010 Guidance on 
a quarterly basis. The reader is cautioned that this information is forward-looking 
information and actual results may vary materially from those reported. 
For further detail, please refer to pages 28 & 29 of the MD&A. 

2010 Distribution 
As is its normal practice, the Trust's Board of Trustees confirmed distributions for 
the next three months in the amount of $0.15 per Trust Unit ($1.80 on an annualized basis) 
as per the following schedule: 

    Month           Record Date          Distribution Date
    May 2010        May 31, 2010         Jun 15, 2010
    June 2010       Jun 30, 2010         Jul 15, 2010
    July 2010       Jul 30, 2010         Aug 16, 2010

Supplementary Information 
Boardwalk produces the Quarterly Supplemental Information that provides detailed 
information regarding the Trust's activities during the quarter. The First Quarter 
2010 Supplemental Information is available on our investor website at 

Teleconference on First Quarter 2010 Financial Results 
We invite you to participate in the teleconference that will be held to discuss 
these results tomorrow morning (May 18, 2010) at 9:00 am EST. Senior management 
will speak to the first quarter financial results and provide an update. 
Presentation and supplemental materials will be made available on our investor 
website at prior to the call. 

Participation & Registration: Please RSVP to Investor Relations at 403-206-6808
or by email to 

Teleconference: The telephone numbers for the conference are 647-427-7450 
(local/international callers) or toll-free 1-888-231-8191 (within North America). 

Note: Please provide the operator with the below Conference Call ID or Topic when 
dialing in to the call. 
Conference ID: 63694476 
Topic: Boardwalk First Quarter Results 

Webcast: Investors will be able to listen to the call and view our slide 
presentation over the Internet by visiting 
the morning of the call. The webcast and slide presentation will also be 
available at 

Replay: An audio recording of the teleconference will be available from 1:00 pm ET 
on Tuesday, May 18, 2010 until 11:59 pm ET on Tuesday, May 25, 2010. You can 
access it by dialing 416-849-0833 or 1-800-642-1687 and using the passcode 63694476. 

Corporate Profile 
Boardwalk REIT is an open-ended real estate investment trust formed to acquire 
all of the assets and undertakings of Boardwalk Equities Inc. Boardwalk REIT's 
principal objectives are to provide its unitholders with monthly cash distributions, 
partially on a Canadian income tax-deferred basis, and to increase the value of its 
units through the effective management of its residential multi-family revenue 
producing properties and the acquisition of additional properties. Boardwalk REIT 
currently owns and operates in excess of 230 properties with 35,829 units totaling 
approximately 30 million net rentable square feet, and is Canada's largest 
owner/operator of multi-family rental communities. Boardwalk REIT's portfolio is 
concentrated in the provinces of Alberta, British Columbia, Saskatchewan, Ontario 
and Quebec. 

    (1) Funds From Operations ("FFO") is a generally accepted measure of
        operating performance of real estate investment trusts and companies;
        however, it is a non-GAAP measure. The Trust calculates FFO by taking
        net earnings after discontinued operations, adjusting for gains or
        losses on disposal of discontinued operation assets and extraordinary
        items, and adding non-cash expenses including future income taxes and
        amortization. The determination of this amount may differ from that
        of other real estate investment trusts and companies. Distributable
        Income ("DI") is calculated based on the definition as set out in the
        Trust's declaration of trust and is computed by taking FFO and adding
        back amortization on any deferred financing charges incurred prior to
        May 3, 2004 as well as adjusting for any discounts or premiums
        relating to the amortization of mark-to-market debt adjustment
        incurred subsequent to the real estate investment trust conversion
        date of May 3, 2004.

This news release contains forward-looking statements within the meaning of 
applicable securities laws. These statements include, but are not limited to, 
statements made in this News Release, and other statements concerning Boardwalk's 
objectives, its strategies to achieve those objectives, as well as statements with 
respect to management's beliefs, plans, estimates, and intentions, and similar 
statements concerning anticipated future events, results, circumstances, performance 
or expectations that are not historical facts. Forward-looking statements generally 
can be identified by the use of forward-looking terminology such as "outlook", 
"objective", "may", "will", "would", "expect", "intend", "estimate", "anticipate", 
"believe", "should", "plan", "continue", or similar expressions suggesting future 
outcomes or events. Such forward-looking statements reflect management's current 
beliefs and are based on information currently available to management. All 
forward-looking statements in this News Release are qualified by these cautionary 

These statements are not guarantees of future events or performance and, by their 
nature, are based on Boardwalk's estimates and assumptions, which are subject to 
risks and uncertainties, including those described under "Risks and Uncertainties" 
in the Management's Discussion & Analysis of Boardwalk REIT's 2009 Annual Report, 
which could cause actual events or results to differ materially from the forward-looking 
statements contained in this News Release. Those risks and uncertainties include, 
but are not limited to, those related to: liquidity in the global marketplace associated 
with current economic conditions, occupancy levels, access to debt and equity capital, 
interest rates, the relative illiquidity of real property, unexpected costs or liabilities 
related to acquisitions or dispositions, construction, environmental matters, legal matters, 
reliance on key personnel, income taxes, the conditions to the transactions not 
being satisfied resulting in the failure to complete some or all of the proposed 
transactions described herein, the trading price of the securities of Boardwalk, lack of 
availability of acquisition or disposition opportunities for the Trust and exposure to 
economic, real estate and capital market conditions in North America. Material factors 
or assumptions that were applied in drawing a conclusion or making an estimate set 
out in the forward-looking information may include, but are not limited to: that the 
general economy remains stable, interest rates are relatively stable, 
acquisition/disposition capitalization rates are stable, competition for acquisition or
disposition of residential apartments remains intense, and equity and debt markets 
continue to provide access to capital. These assumptions, although considered reasonable 
by the Trust at the time of preparation, may prove to be incorrect. For more exhaustive 
information on these risks and uncertainties you should refer to our most recently filed 
annual information form which is available at 

Although the forward-looking information contained in this News Release is based upon what 
management believes are reasonable assumptions, there can be no assurance that actual results 
will be consistent with these forward-looking statements. Certain statements included in this 
News Release may be considered "financial outlook" for purposes of applicable securities laws, 
and such financial outlook may not be appropriate for purposes other than this News Release. 
You should not place undue importance on forward-looking information and should not rely 
upon this information as of any other date. While we may elect to, we are under no obligation 
and do not undertake to update this information at any particular time. 

%SEDAR: 00020684E 

For further information: 
Boardwalk REIT, Sam Kolias, CEO, (403) 531-9255; 
Roberto Geremia, President, (403) 531-9255; 
William Wong, CFO, (403) 531-9255 

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