You are given a text that consists of multiple sentences. Your task is to perform abstractive summarization on this text. Use your understanding of the content to express the main ideas and crucial details in a shorter, coherent, and natural sounding text. 
Text: Ron Bernstein, Senior Advisor to Liggett Vector Brands, will join us during the question and answers.
Nick will then summarize the performance of the tobacco business.
As of September 30, 2020, Vector Group maintained sufficient liquidity, with cash and cash equivalents of $451 million, including cash of $76 million at Douglas Elliman and $148 million at Liggett, and investment securities and investment partnership interests with a fair market value of $174 million.
Now turning to Vector Group's operations for the three and nine months ended September 30, 2020.
For the three months ended September 30, 2020, Vector Group's revenues were $547.8 million, compared to $504.8 million in the 2019 period.
In addition to increases in revenue in both the Tobacco segment and Douglas Elliman, the 2020 revenues include $20.5 million from the sale of a real estate investment in The Hamptons.
Net income attributed to Vector Group for the third quarter of 2020 was $38.1 million, or $0.25 per diluted common share, compared to net income of $36 million, or $0.23 per diluted common share, in the third quarter of 2019.
The company recorded adjusted EBITDA of $103.3 million, compared to $73.7 million in the prior year.
Adjusted net income was $38.3 million, or $0.25 per diluted share, compared to $36.2 million, or $0.23 per diluted share, in the 2019 period.
For the nine months ended September 30, 2020, Vector Group revenues were $1.45 billion and were flat when compared to $1.46 billion in the 2019 period.
Our Tobacco segment reported an increase of $63.9 million in revenues, and our Real Estate segment reported a decline in revenues of $80 million.
While our Real Estate segment reported increases in revenues in the first and third quarters, the year-to-date decline reflects the dramatic impact of the COVID-19 pandemic on Douglas Elliman's results in the second quarter of 2020 as well as an unusual year-over-year comparison because of the acceleration of real estate closings in New York City in the 2019 second quarter.
This acceleration occurred in anticipation of the increase in the New York state mansion tax on residential real estate on July 1, 2019.
Net income attributed to the Vector Group for the nine months ended September 30, 2020, was $60.7 million, or $0.39 per diluted common share, compared to net income of $90.3 million, or $0.56 per diluted common share, for the nine months ended September 30, 2019.
The company recorded adjusted EBITDA of $240 million, compared to $206.9 million in the prior year.
Adjusted net income was $106.9 million, or $0.70 per diluted share, compared to $92.3 million, or $0.59 per diluted share, in the 2019 period.
For Douglas Elliman's results for the three months ended September 30, 2020, we reported $208 million in revenues, net income of $11.8 million and an adjusted EBITDA of $14.1 million, compared to $201.2 million in revenues, net income of $1.9 million and adjusted EBITDA of $3.4 million in the third quarter of 2019.
For the nine months ended September 30, 2020, Douglas Elliman reported $506.5 million in revenues, a net loss of $62.2 million and adjusted EBITDA of $5.3 million, compared to $606 million of revenues, net income of $6.6 million and adjusted EBITDA of $11 million in the first nine months of 2019.
Douglas Elliman's net loss for the nine months ended September 30, 2020, included pre-tax and noncash impairment charges of $58.3 million and pre-tax restructuring charges of $3.3 million.
When compared to both the second quarter of 2020 and the third quarter of 2019, Douglas Elliman's third quarter closed sales improved significantly in markets complementary to New York City, including The Hamptons as well as in Palm Beach, Miami, Aspen and Los Angeles.
Nonetheless, the COVID-19 pandemic continues to have a significant effect on the New York City real estate market.
To address the impact of COVID-19, in April 2020 Douglas Elliman reduced personnel by 25% and began consolidating some offices and reducing other administrative expenses.
These expense reduction initiatives resulted in a decline in Douglas Elliman's third quarter 2020 operating and administrative expenses, excluding restructuring charges, of approximately $17.8 million compared to the third quarter of 2019 and $39.8 million for the nine months ended September 30, 2019.
We believe these initiatives have and will continue to provide long-term upside to Vector Group stockholders.
Furthermore, fourth quarter cash receipts have continued to strengthen when compared to the third quarter in all regions, including New York City.
During the third quarter, Liggett continued its strong year-to-date tobacco performance, with revenue increases and margin growth contributing to a 25% increase in tobacco adjusted operating income.
As noted on previous calls, we are well into the income growth phase of our Eagle 20's business strategy and remain very pleased with the results to date.
Our market-specific retail programs have proven successful, and we remain optimistic about Eagle 20's increasing profit contributions and long-term potential.
Our results also reflect the resilience of Pyramid, which continues to deliver substantial profit and market presence for the company.
Pyramid has strong distribution and is currently sold in approximately 98,000 stores nationwide.
I will now turn to the combined tobacco financials for Liggett Group and Vector Tobacco.
For the three and nine months ended September 30, 2020, revenues were $318.9 million and $918.4 million, respectively, compared to $303.3 million and $854.5 million for the corresponding 2019 periods.
Tobacco adjusted operating income for the three and nine months ended September 30, 2020, was $91.6 million and $240.2 million, respectively, compared to $73 million and $202.5 million for the corresponding periods a year ago.
Liggett's increase in third quarter earnings resulted primarily from higher gross profit margins associated with increased net pricing and lower per-unit Master Settlement Agreement expense.
The lower per-unit MSA expense reflects stronger U.S. industry cigarette volumes in 2020, which has increased the value of our market share exemption under the MSA.
Similar to other consumer product categories, cigarette industry volumes have outperformed recent historical trends and have benefited from increased consumer demand related to changes in the underlying cigarette purchasing patterns associated with the COVID-19 pandemic.
According to Management Science Associates, overall industry wholesale shipments for the third quarter increased by 1.1%, while Liggett's wholesale shipments declined by 2.2%, compared to the third quarter in 2019.
For the third quarter, Liggett's retail shipments declined by 1.1% from 2019, while industry retail shipments increased 1.7% during the same period.
Liggett's retail share in the third quarter declined slightly, to 4.2%.
The modest decline in Liggett's third quarter year-over-year retail share was anticipated, with Eagle 20's volume growth slowing due to increased net pricing.
This is consistent with our income growth strategy for Eagle 20's, which began in the second half of 2018.
Eagle 20's is now priced in the upper tier of the U.S. deep discount segment.
Nonetheless, Eagle 20's retail volume for the third quarter increased by approximately 2% compared to the 2019 period, and it remains the third largest discount brand in the U.S. and is currently being sold in approximately 84,000 stores nationwide.
The continued growth of Eagle 20's despite increased pricing also reinforces the effectiveness of our long-term strategy to continue to build volume and margin for our business using well-positioned discount brands providing value to adult smokers.
With that in mind, and after identifying volume growth opportunities in the U.S. deep discount segment, in August we expanded the distribution of our Montego brand by 10 states, primarily in the Southeast.
Prior to August, Montego was sold in targeted markets in only four states.
Montego will be competitively priced in the growing deep discount segment, and we will take a measured approach with further expansion.
Montego represented about 6.8% of Liggett's volume for the third quarter of 2020 and 5.6% of Liggett's volume for the nine months ended September 30, 2020.
To date, we are pleased with the initial wholesale, retail and consumer response to Montego, and I will provide further updates in the coming quarters on our progress.
In summary, we are very pleased with our third quarter 2020 performance, particularly in light of the current macroeconomic environment.
Our results continue to validate our market strategy and reflect our competitive advantages within the deep discount segment, including our broad base of distribution, consumer-focused programs and the executional capabilities of our sales force.
As we look ahead, we remain focused on generating incremental operating income from the strong sales and distribution base of both Pyramid and Eagle 20's.
Finally, while we are always subject to industry and general market risks, we remain confident that we have effective programs to keep our business operating efficiently, while supporting market share and profit growth.
Vector Group has strong cash reserves and has consistently increased its tobacco unit volume and profits and has taken the necessary steps to position its real estate business for future success.
We are pleased with our long-standing history of paying a quarterly cash dividend.
It remains an important component of our capital allocation strategy.
While we will continue to evaluate our dividend policy each quarter, it is our expectation that our policy will continue well into the future.

user
q3 adjusted earnings per share $0.25.
q3 revenue $547.8 million.

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