Elliman's NOI Drops 80%

Douglas Elliman's net income fell off a cliff last quarter. In a move to help liquidity, Vector Group's (Elliman's parent company) CEO Howard Lorber said Vector will halve its quarterly cash dividend to $0.20 per share starting in the first quarter of 2020 and will no longer pay an annual dividend to its investors. The move comes as Elliman reported a net income of $1.9 million for the third quarter, down from $10 million in the same period last year — a stunning 81 percent drop.

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