Douglas Elliman Hits New York Stock Exchange As Independent Company - 27 East

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Douglas Elliman Hits New York Stock Exchange As Independent Company

authorStaff Writer on Jan 10, 2022

Douglas Elliman’s got a brand new bag — or, rather, a new ticker symbol.

Last month, the company completed its spin-off from Vector Group Ltd. and, on December 30, began trading on the New York Stock Exchange under the symbol “DOUG” as an independent company. It has also been added to the S&P SmallCap 600.

“Today marks an exciting new chapter for Douglas Elliman,” Howard M. Lorber, chairman and chief executive officer of Douglas Elliman, said in a statement. “As a standalone company, Douglas Elliman will leverage its differentiated approach, portfolio of innovative technology services and a best-in-class team of employees and agents to capitalize on growth opportunities in the highly attractive U.S. residential real estate market. We believe there is a bright future ahead for our company as a standalone entity.”

Douglas Elliman Inc. is primarily known for its residential brokerage company, Douglas Elliman Realty — one of the largest in the New York metropolitan area, not to mention the sixth largest in the United States. It has an “established and growing presence in most luxury markets,” according to a press release, including international finance and technology hubs that are “densely populated and offer housing inventory at premium pricing points.”

The company’s financial profile includes a balance sheet with $200 million of net cash and “significant operating leverage,” the release said, “supported by a track record of impressive revenue growth, disciplined expense management led by seasoned industry executives, healthy margins and limited capital expenditures.”

“We are thrilled that Douglas Elliman has reached this milestone — one that would not be possible without the hard work and dedication of our incredible agents and employees,” Scott Durkin, chief executive officer of Douglas Elliman Realty, said in a statement. “As a standalone company, we look forward to building on Douglas Elliman’s leading luxury brand and longstanding tradition of excellence, while continuing to drive long-term value for stockholders.”

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