Thank you for joining us for our third quarter 2018 earnings call. We achieved another excellent quarter of solid revenue growth, exceptional margin expansion and continued strong net bookings. Revenue for the third quarter 2018 was $306 million, an increase of 23% compared to revenue of $248 million for the third quarter of 2017. I'm excited to report that we flew past our first $300 million quarter. Our annual revenue run rate now exceeds $1.2 billion.
We had strong CoStar Suite revenue growth of 19% in the third quarter of 2018 compared to the same period last year. Some of that growth is attributed to converting LoopNet Premium Searcher and heavy searchers to CoStar Suite. Today, we have worked through approximately a quarter of the initial 100,000 leads we identified and have seen approximately 11,200 conversions. We have now reached $64 million in annualized revenue from this conversion list.
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