Real estate brokerage firm Douglas Elliman has completed its spin-off from Vector Group and begins trading Thursday on the New York Stock Exchange.
Listed under the symbol DOUG, the company was added to the S&P SmallCap 600 before the start of trading.
One of the largest residential brokerage companies in the New York metropolitan area and the sixth largest in the U.S., Douglas Elliman’s financial profile includes a balance sheet with $200 million of net cash and significant operating leverage, according to a company statement.
“Today marks an exciting new chapter for Douglas Elliman,” Howard Lorber, CEO of Vector Group, said in the 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.”
Scott Durkin, CEO of Douglas Elliman Realty, LLC, credited the hard work and dedication of the brokerage firm’s agents for reaching its new status.
“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,” Durkin said in the statement.