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 Q&A.
I'm also pleased that Dick Lampen, our longtime Executive Vice President, who was recently appointed Chief Operating Officer and a member of our Board of Directors is joining us on the call.
Dick's broad executive experience and deep operational understanding of the Company from serving in a variety of senior leadership roles for Vector Group and its affiliates since 1995 make him a valuable addition to our Board and a natural fit to be COO.
Additionally, Dick's experience as CEO of Ladenburg Thalmann Financial Services and vast knowledge of the ways that technology can benefit a brokerage business will be valuable to Douglas Elliman as it continues to enhance the technology-based experience of its agents.
It will also be helpful identifying potential synergies leading to further reductions in Douglas Elliman's operating expenses.
Nick will then summarize the performance of the tobacco business.
As of December 31, 2020, Vector Group maintained significant liquidity with cash and cash equivalents of $353 million, including cash of $94 million at Douglas Elliman and $45 million at Liggett, and investment securities and investment partnership interests with a fair market value of $188 million.
Additionally, in the first quarter of 2021, we took advantage of favorable capital markets and issued $875 million of 5.75% senior secured notes till 2029.
All proceeds were used to retire older notes.
Now turning to Vector Group's operational and financial results.
For the three months ended December 31, 2020, Vector Group's revenues were $554.6 million compared to $439.6 million in the 2019 period.
The $115 million increase in revenues was a result of an increase of $25.7 million in the Tobacco segment and $89.3 million in the Real Estate segment.
Net income attributed to Vector Group was $32.3 million or $0.21 per diluted common share compared to $10.7 million or $0.06 per diluted common share in the fourth quarter of 2019.
The company recorded adjusted EBITDA of $93.4 million compared to $52.5 million in the prior year.
As we will discuss later, we continue to be pleased with Liggett's execution of its still growing strategy as well as Douglas Elliman's resilience and rebound in the second half of 2020.
Adjusted net income was $32.6 million or $0.21 per diluted share compared to $17.8 million or $0.11 per diluted share in the 2019 period.
For the year ended December 31, 2020, Vector Group's revenues were $2 billion compared to $1.9 billion in the 2019 period.
Net income attributed to Vector Group was $92.9 million or $0.60 per diluted common share compared to $101 million or $0.63 per diluted common share for the year ended December 31, 2019.
The company recorded adjusted EBITDA of $333.4 million compared to $259.4 million in the prior year.
Adjusted net income was $139.5 million or $0.91 per diluted share compared to a $110.11 million or $0.70 per diluted share in the 2019 period.
Now turning to Douglas Elliman.
Before we review the results, I'd like to recognize the resilience of the Douglas Elliman team of 6,700 agents and 750 employees in addressing the challenges of 2020.
We have long believed our team sets us apart from other residential real estate brokerage firms.
And when Forbes recently recognized Douglas Elliman in its 2021 list of America's Best Large Employers we were humbled.
This recognition is a testament to the hard work and resiliency of the Douglas Elliman family.
We congratulate the Douglas Elliman team for this well earned and deserved recognition.
Now to Douglas Elliman's financial results.
For the three months ended December 31, 2020, Douglas Elliman reported $267.5 million in revenues, net income of $14 million and an adjusted EBITDA of $16.7 million compared to $178.1 million in revenues and net loss of $432,000, and adjusted EBITDA loss of $5.7 million in the fourth quarter of 2019.
For the year ended December 31, 2020, Douglas Elliman reported $774 million in revenues, a net loss of $48.2 million and adjusted EBITDA of $22.1 million compared to $784.1 million in revenues, net income of $6.2 million and adjusted EBITDA of $5.3 million in 2019.
Douglas Elliman's net loss for the year ended December 31, '21 included pre-tax charges for non-cash impairments of $58.3 million as well as restructuring charges and related asset write-offs of $4.6 million.
In the fourth quarter of 2020, Douglas Elliman's revenues increased by 50% from the fourth quarter of 2019 as its closed sales continue to improve in rural markets complementary to New York City, including the Hamptons, Palm Beach, Miami, Aspen and Los Angeles.
Our New York City business began to stabilize in the fourth quarter and we are well positioned in New York City.
Furthermore, Douglas Elliman's expense reduction initiatives continued in the fourth quarter and its fourth quarter 2020 operating and administrative expenses, excluding restructuring and asset impairment charges, declined by approximately $7.9 million compared to the fourth quarter of 2019 and $47.7 million compared to the year ended December 31, 2019.
We believe these initiatives have and will continue to provide long-term upside to Vector Group stockholders.
In addition, when compared to the first quarter of 2020, first quarter 2021 cash receipts have continued to strengthen from 2020 levels in all regions except New York City.
2020 proved to be an extraordinary and challenging year for our tobacco operations, and I'm very proud of our response to that challenge.
Our employees remained resilient throughout and stay focused on the task at hand.
They also embraced a tremendous team spirit and I believe our excellent performance throughout this difficult year reflects that effort.
During the fourth quarter Liggett continued its strong year-to-date performance with revenue increases and margin growth contributing to a 33% 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.
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 and strong distribution of Pyramid, which continues to deliver substantial profit and market presence to the company.
I will now turn to the combined tobacco financials for Liggett Group and Vector Tobacco.
The three months and year ended December 31, 2020 revenues were $286.1 million and $1.2 billion, respectively compared to $260.3 million and $1.11 billion for the corresponding 2019 periods.
Tobacco adjusted operating income for the three months and year ended December 31, 2020 were $80 million and $320.2 million, respectively compared to $60.1 million and $262.6 million for the corresponding periods a year ago.
Liggett's increase in fourth quarter earnings was the result of higher gross profit margins associated with increased volumes, high 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 some other consumer product categories, cigarette industry volumes outperformed recent historical trends and benefited from increased consumer demand related to changes in underlying cigarette purchasing and consumption patterns associated with the pandemic.
Wholesale inventory levels remained elevated throughout the fourth quarter as a result of the prospect of increased restrictions and lockdowns associated with COVID-19 and the timing of industry price increases.
However, we anticipate a normalization of wholesale inventory levels over the course of the first quarter.
According to Management Science Associates, overall industry wholesale shipments for the fourth quarter increased by 3.4% while Liggett's wholesale shipments increased by 2.1% compared to the fourth quarter in 2019.
For the fourth quarter, Liggett's retail shipments declined 0.3% from 2019, while industry retail shipments increased 0.6% during the same period.
Liggett's retail share in the fourth quarter declined slightly to 4.21% from 4.25% in the same period last year.
The modest decline in Liggett's fourth quarter year-over-year retail share was anticipated as Eagle 20s' volume growth slowed due to increased net pricing.
This is consistent with our income growth strategy for the brand, which began in the second half of 2018.
Eagle 20s is now priced in the upper tier of the U.S. deep discount segment.
Eagle 20s' retail volume for the fourth quarter of 2020 was essentially flat compared to the prior year period.
It remains the third largest discount brand in the U.S. and is currently sold in approximately 84,000 stores nationwide.
The continued strength of Eagle 20s 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 that provides 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 to an additional 10 states, primarily in the southeast.
Prior to August, Montego was sold in targeted markets in four states.
Montego is competitively priced in the growing deep discount segment and we plan to take a measured approach with further expansion.
Montego represented 8.6% of Liggett's volume for the fourth quarter 2020, and 6.3% of Liggett's volume for the year ended December 31, 2020.
To date, we remain very pleased with the initial response to Montego now sold in approximately 25,000 stores representing a 50% increase from the end of the third quarter.
In summary, we are very pleased with our 2020 performance, particularly considering 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 execution 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 20s.
Finally, while we are always subject to industry and general market risks, we remain confident we have effective programs to keep our business operating efficiently while supporting market share and profit growth.
Vector Group has strong cash reserves, has consistently increased its tobacco market share 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.

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q4 adjusted earnings per share $0.21.
q4 revenue $554.6 million.

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