Douglas Elliman’s revenues hit $637 million in 2015, a 17 percent year-over-year jump from $543.2 million in 2014, the brokerage’s parent company Vector Group reported Monday.
Overall, Vector Group Ltd. generated $1.66 billion in 2015 revenue as income from real estate operations soared, up from $1.59 billion in 2014. Vector’s profit was $57.7 million last year, a jump from $36.9 million in 2014.
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Vector’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was down to $35.7 million for 2015, down from $50.7 million in 2014. Vector chair Howard Lorber attributed the drop in EBITDA to a heavy investment in marketing, which saw the firm dive heavily into sponsorships and publishing and expand into new high-end markets across the country.
“We have continued to invest in our business for growth, so … our marketing budget has gone up substantially and that was also done to support the new development group and new markets, ” Lorber said during an earnings call Monday. “We opened in L.A. and Aspen, and we continue to grow in South Florida.”
