Equity Residential (NYSE:EQR) Q4 2017 Earnings Conference Call - Final Transcript
Jan 31, 2018 • 11:00 am ET
Thank you for standing by. Good day, and welcome to the Equity Residential 4Q 2017 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the call over to Marty McKenna. Please go ahead, sir.
Thank you. Good morning. Thank you for joining us to discuss Equity Residential's full-year 2017 results and outlook for 2018. Our featured speakers today are David Neithercut, our President and CEO; David Santee, our Chief Operating Officer; and Mark Parrell, our Chief Financial Officer.
Please be advised that certain matters discussed during this conference call may constitute forward-looking statements within the meaning of the federal securities law. These forward-looking statements are subject to certain economic risks and uncertainties. The Company assumes no obligation to update or supplement these statements that become untrue because of subsequent events.
And now, I'll turn the call over to David Neithercut.
David J. Neithercut
Thank you, Marty. Good morning everybody. Thank you for joining us for today's call. We are pleased to have delivered operating and financial results for 2017 that were at the high end of our original expectations for the year. Now obviously a lot of things had to go right for us to do so, because it required every market to achieve our absolute best case level of performance for the year and stayed one that's pretty much exactly what happened.
Naturally as we began the year we were quite cautious, about the elevated levels of new supply across our markets, which had begun to impact landlords pricing power in 2016, ending several years of above trend performance that had been driven by extremely favorable supply and demand conditions, as we emerged from the last downturn. However, while revenue growth certainly slowed as compared to prior years, several factors allowed us to mitigate the impact of this new supply and outperform our original expectations. First as everyone is keenly aware, there is clearly very deep and very resilient demand for apartment living in our urban and highly walkable suburban markets, which continue to be powered by an expanding economy, which has driven employment -- unemployment to record lows and is ignited wage growth that had been dormant for much of the recovery.
As David Santee will explain in more detail in just a moment, the second factor for our success in 2017 was the relentless focus on our prospects, our residence and our properties, by our property management and operational teams and everyone else across our enterprise that supports those teams. Our 2017 performance was the result of everyone, working as one team, providing remarkable service to our residents and sweating every detail. This was a job very well done across the enterprise and I'm extremely proud and honored to give a hardy shout out to the mall.
However, we don't get to celebrate our successes for too long, because as these teams know all too well, 2018 will bring more of the same. New supply will continue to be delivered across our markets, which will continue