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Douglas Elliman Inc. Reports Second Quarter 2022 Financial Results

Company Achieves Record Revenues in the First Half of 2022 Second Quarter 2022 Highlights:

  • Delivered the second-highest quarterly revenue total in history in the second quarter of 2022, despite a challenging macroeconomic environment
  • Consolidated revenues of $364.4 million, a decline of 7.0% or $27.6 million compared to the prior year period
    • For the second quarter of 2022, Douglas Elliman’s real estate brokerage segment achieved gross transaction value of approximately $13.6 billion, compared to approximately $15.1 billion for the second quarter of 2021.
    • For the second quarter of 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.7 million.
  • Consolidated operating income of $14.6 million and real estate brokerage segment operating income of $21.6 million compared to $43.2 million and $43.2 million, respectively, in the prior year period
  • Net income attributed to Douglas Elliman of $10.2 million, or $0.13 per diluted common share, compared to net income of $39.5 million, or $0.51 per diluted common share, in the prior year period
  • Adjusted EBITDA attributed to Douglas Elliman of $19.2 million compared to $45.3 million in the prior year period, reflecting stand-alone public company expenses
  • Adjusted EBITDA attributed to real estate brokerage segment of $24.4 million compared to $45.3 million in the prior year period

Year-to-Date 2022 Highlights:

  • Reported record revenues for the first half of 2022
  • Consolidated revenues of $673.3 million, an increase of 1.3% or $8.5 million compared to the prior year period
    • For the six months ended June 30, 2022, Douglas Elliman’s real estate brokerage segment achieved gross transaction value of approximately $25.3 billion, compared to approximately $25.3 billion for the six months ended June 30, 2021.
    • For the six months ended June 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.7 million.
  • Consolidated operating income of $22.5 million and real estate brokerage segment operating income of $36.1 million compared to $57.4 million and $57.4 million, respectively, in the prior year period
  • Net income attributed to Douglas Elliman of $16.8 million, or $0.21 per diluted common share, compared to net income of $53.4 million, or $0.69 per diluted common share, in the prior year period
  • Adjusted EBITDA attributed to Douglas Elliman of $31.9 million compared to $61.6 million in the prior year period, reflecting stand-alone public company expenses
  • Adjusted EBITDA attributed to real estate brokerage segment of $42.1 million compared to $61.6 million in the prior year period

Last Twelve Months Ended June 30, 2022 Highlights:

  • Consolidated revenues of $1.4 billion
    • For the last twelve months ended June 30, 2022 and the year ended December 31, 2021, Douglas Elliman’s real estate brokerage segment achieved gross transaction value of approximately $51.2 billion and $51.2 billion, respectively.
    • For the last twelve months ended June 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.6 million.
  • Consolidated operating income of $67.2 million and real estate brokerage segment operating income of $80.8 million
  • Net income attributed to Douglas Elliman of $62.2 million
  • Adjusted EBITDA attributed to Douglas Elliman of $81.0 million
  • Adjusted EBITDA attributed to real estate brokerage segment of $91.2 million

Douglas Elliman Inc. (NYSE:DOUG) today announced financial results for the three and six months ended June 30, 2022.

“Douglas Elliman delivered the second highest quarterly revenue total in our company’s history this past quarter—and achieved a record-setting revenue for the six months ended June 30, 2022,” said Howard M. Lorber, Chairman and Chief Executive Officer of Douglas Elliman. “We are extremely proud of our team for delivering another successful quarter and we look forward to accelerating our momentum as we capitalize on significant opportunities in the U.S. residential real estate market.”

GAAP Financial Results

Three months ended June 30, 2022. Second quarter 2022 revenues were $364.4 million, compared to revenues of $392.0 million in the second quarter of 2021. The Company recorded operating income of $14.6 million in the second quarter of 2022, compared to operating income of $43.2 million in the second quarter of 2021. Net income attributed to Douglas Elliman for the second quarter of 2022 was $10.2 million, or $0.13 per diluted common share, compared to net income of $39.5 million, or $0.51 per diluted common share, in the second quarter of 2021.

Six months ended June 30, 2022. For the six months ended June 30, 2022, revenues were $673.3 million, compared to revenues of $664.8 million for the six months ended June 30, 2021. The Company recorded operating income of $22.5 million for the six months ended June 30, 2022, compared to operating income of $57.4 million for the six months ended June 30, 2021. Net income attributed to Douglas Elliman for the six months ended June 30, 2022 was $16.8 million, or $0.21 per diluted common share, compared to a net income of $53.4 million, or $0.69 per diluted common share, for the six months ended June 30, 2021.

Non-GAAP Financial Measures

Non-GAAP financial measures include an adjustment for change in fair value of contingent liability (for purposes of Adjusted EBITDA and Adjusted Net Income) and income related to Tax Disaffiliation indemnification (for purposes of Adjusted Net Income, which is included in other, net for Adjusted EBITDA). For purposes of Adjusted EBITDA only, adjustments also include stock-based compensation, equity in earnings (losses) from equity method investments and other, net. Reconciliations of non-GAAP financial measures to the comparable GAAP financial results for the three and six months ended June 30, 2022 and 2021 and the last twelve months ended June 30, 2022 are included in Tables 2, 3 and 4.

Three months ended June 30, 2022 compared to the three months ended June 30, 2021

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were $19.2 million for the second quarter of 2022, compared to $45.3 million for the second quarter of 2021.

Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were $24.4 million for the second quarter of 2022, compared to $45.3 million for the second quarter of 2021.

Adjusted Net Income attributed to Douglas Elliman (as described in Table 3 attached hereto) was $9.7 million, or $0.12 per diluted share, for the second quarter of 2022, and $43.1 million, or $0.55 per diluted share, for the second quarter of 2021.

Six months ended June 30, 2022 compared to the six months ended June 30, 2021

Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were $31.9 million for the six months ended June 30, 2022, compared to $61.6 million for the six months ended June 30, 2021.

Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were $42.1 million for the six months ended June 30, 2022, compared to $61.6 million for the six months ended June 30, 2021.

Adjusted Net Income attributed to Douglas Elliman (as described in Table 3 attached hereto) was $16.2 million, or $0.20 per diluted share, for the six months ended June 30, 2022, and $57.0 million, or $0.73 per diluted share, for the six months ended June 30, 2021.

Last twelve months ended June 30, 2022

For the last twelve months ended June 30, 2022, revenues were $1.4 billion. The Company recorded operating income of $67.2 million for the last twelve months ended June 30, 2022. Net income attributed to Douglas Elliman for the last twelve months ended June 30, 2022 was $62.2 million.

For the last twelve months ended June 30, 2022, Adjusted EBITDA attributed to Douglas Elliman (as described in Table 2 attached hereto) were $81.0 million. Adjusted EBITDA attributed to Douglas Elliman’s real estate brokerage segment (as described in Table 2 attached hereto) were $91.2 million for the last twelve months ended June 30, 2022.

Gross Transaction Value

For the three months ended June 30, 2022, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $13.6 billion, compared to approximately $15.1 billion for the three months ended June 30, 2021. For the three months ended June 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.7 million.

For the six months ended June 30, 2022, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $25.3 billion compared to approximately $25.3 billion for the six months ended June 30, 2021. For the six months ended June 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.7 million.

For the last twelve months ended June 30, 2022 and the year ended December 31, 2021, Douglas Elliman’s subsidiary, Douglas Elliman Realty, LLC, achieved gross transaction value of approximately $51.2 billion and $51.2 billion, respectively. For the last twelve months ended June 30, 2022, Douglas Elliman’s real estate brokerage segment reported an average price per transaction of $1.6 million.

Consolidated Balance Sheet

Douglas Elliman maintained a strong balance sheet with cash and cash equivalents of $202.1 million at June 30, 2022. This significant liquidity places the Company in a position of strength in the market.

Conference Call to Discuss Second Quarter 2022 Results

As previously announced, the Company will host a conference call and webcast on Friday August 5, 2022 at 7:30 AM (ET) to discuss its second quarter 2022 results. Investors can access the call by dialing 888-330-2506 and entering 46689 as the conference ID number. The call will also be available via live webcast at https://events.q4inc.com/attendee/484294423. Webcast participants should allot extra time to register before the webcast begins.

A replay of the call will be available shortly after the call ends on August 5, 2022 through August 19, 2022. To access the replay, dial 800-770-2030 and enter 466898 as the conference ID number. The archived webcast will also be available at https://events.q4inc.com/attendee/484294423 for one year.

Non-GAAP Financial Measures

Adjusted EBITDA, Adjusted Net Income, and financial measures for the last twelve months (“LTM”) ended June 30, 2022 (referred to as the “Non-GAAP Financial Measures”) are financial measures not prepared in accordance with generally accepted accounting principles (“GAAP”). The Company believes that the Non-GAAP Financial Measures are important measures that supplement discussion and analysis of its results of operations and enhance an understanding of its operating performance.

The Company believes the Non-GAAP Financial Measures provide investors and analysts with a useful measure of operating results unaffected by differences in capital structures and ages of related assets among otherwise comparable companies.

Management uses the Non-GAAP Financial Measures as measures to review and assess operating performance of the Company’s business, and management does and investors should review both the overall performance (GAAP net income) and the operating performance (the Non-GAAP Financial Measures) of the Company’s business. While management considers the Non-GAAP Financial Measures to be important, they should be considered in addition to, but not as substitutes for or superior to, other measures of financial performance prepared in accordance with GAAP, such as operating income, net income and cash flows from operations. In addition, the Non-GAAP Financial Measures are susceptible to varying calculations and the Company’s measurement of the Non-GAAP Financial Measures may not be comparable to those of other companies. Attached hereto as Tables 2, 3 and 4 is information relating to the Company’s Non-GAAP Financial Measures for the three and six months ended June 30, 2022 and 2021 and the last twelve months ended June 30, 2022.

About Douglas Elliman Inc.

Douglas Elliman Inc. (NYSE: DOUG, “Douglas Elliman”) owns Douglas Elliman Realty, LLC, which is one of the largest residential brokerage companies in the United States with operations in New York City, Long Island, Westchester, Connecticut, New Jersey, the Hamptons, Massachusetts, Florida, California, Colorado, Texas and Nevada. In addition, Douglas Elliman sources, uses and invests in early-stage, disruptive property technology (“PropTech”) solutions and companies and provides other real estate services, including development marketing, property management and settlement and escrow services in select markets. Additional information concerning Douglas Elliman is available on its website, www.elliman.com.

Investors and others should note that we may post information about Douglas Elliman on our website at www.elliman.com or, if applicable, on our accounts on Facebook, Instagram, LinkedIn, TikTok, Twitter, YouTube or other social media platforms. It is possible that the postings or releases could include information deemed to be material information. Therefore, we encourage investors, the media and others interested in Douglas Elliman to review the information we post on our website at www.elliman.com and on our social media accounts.

Forward-Looking and Cautionary Statements

This press release includes forward-looking statements within the meaning of the federal securities law. All statements other than statements of historical or current facts made in this document are forward-looking. We identify forward-looking statements in this document by using words or phrases such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may be,” “continue” “could,” “potential,” “objective,” “plan,” “seek,” “predict,” “project” and “will be” and similar words or phrases or their negatives. Forward-looking statements reflect our current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons.

Risks and uncertainties that could cause our actual results to differ significantly from our current expectations are described in our 2021 Annual Report on Form 10-K and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022. We undertake no responsibility to publicly update or revise any forward-looking statement except as required by applicable law.

[Financial Tables Follow]

TABLE 1

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

CONDENSED COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in Thousands, Except Per Share Amounts) 

 

For comparability purposes, Douglas Elliman Inc. (NYSE: DOUG) began operating as a standalone public company on December 30, 2021 and did not incur any material public company expenses until the first quarter of 2022. Douglas Elliman Inc. also became a full taxpayer after it became a standalone public company on December 30, 2021.

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

2021

 

 

(Unaudited)

 

(Unaudited)

Revenues:

 

 

 

 

 

 

 

Commissions and other brokerage income

$

348,831

 

 

$

376,033

 

 

$

643,940

 

$

635,133

 

Property management

 

10,046

 

 

 

9,901

 

 

 

19,245

 

 

19,169

 

Other ancillary services

 

5,482

 

 

 

6,041

 

 

 

10,074

 

 

10,449

 

Total revenues

 

364,359

 

 

 

391,975

 

 

 

673,259

 

 

664,751

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

Real estate agent commissions

 

267,182

 

 

 

283,651

 

 

 

490,604

 

 

480,668

 

Sales and marketing

 

22,136

 

 

 

19,741

 

 

 

41,442

 

 

39,095

 

Operations and support

 

19,563

 

 

 

16,999

 

 

 

37,654

 

 

34,249

 

General and administrative

 

32,875

 

 

 

22,887

 

 

 

65,705

 

 

42,194

 

Technology

 

5,989

 

 

 

3,417

 

 

 

11,282

 

 

6,914

 

Depreciation and amortization

 

1,986

 

 

 

2,097

 

 

 

4,065

 

 

4,220

 

Operating income

 

14,628

 

 

 

43,183

 

 

 

22,507

 

 

57,411

 

 

 

 

 

 

 

 

 

Other income (expenses):

 

 

 

 

 

 

 

Interest income

 

32

 

 

 

25

 

 

 

71

 

 

72

 

Equity in (losses) earnings from equity-method investments

 

(114

)

 

 

75

 

 

 

418

 

 

75

 

Change in fair value of contingent liability

 

 

 

 

(3,596

)

 

 

 

 

(3,523

)

Investment and other income

 

1,219

 

 

 

493

 

 

 

1,971

 

 

391

 

Income before provision for income taxes

 

15,765

 

 

 

40,180

 

 

 

24,967

 

 

54,426

 

Income tax expense

 

5,546

 

 

 

708

 

 

 

8,463

 

 

989

 

 

 

 

 

 

 

 

 

Net income

 

10,219

 

 

 

39,472

 

 

 

16,504

 

 

53,437

 

 

 

 

 

 

 

 

 

Net loss attributed to non-controlling interest

 

27

 

 

 

 

 

 

252

 

 

 

 

 

 

 

 

 

 

 

Net income attributed to Douglas Elliman Inc.

$

10,246

 

 

$

39,472

 

 

$

16,756

 

$

53,437

 

 

 

 

 

 

 

 

 

Per basic common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common shares attributed to Douglas Elliman Inc.

$

0.13

 

 

$

0.51

 

 

$

0.21

 

$

0.69

 

 

 

 

 

 

 

 

 

Per diluted common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income applicable to common shares attributed to Douglas Elliman Inc.

$

0.13

 

 

$

0.51

 

 

$

0.21

 

$

0.69

 

TABLE 2

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED EBITDA

(Unaudited)

(Dollars in Thousands) 

 

Table 2 provides a reconciliation of GAAP to Non-GAAP financial measures. For comparability purposes, Douglas Elliman Inc. (NYSE: DOUG) began operating as a standalone public company on December 30, 2021 and did not incur any material public company expenses until the first quarter of 2022. Its expenses incurred in its public company operations are reported in the Corporate and Other Segment and the operations of its brokerage businesses are reported in the Real Estate Brokerage Segment.

 

 

LTM

 

Year Ended

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

December 31,

 

June 30,

 

June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

Net income attributed to Douglas Elliman Inc.

$

62,157

 

 

$

98,838

 

 

$

10,246

 

 

$

39,472

 

 

$

16,756

 

 

$

53,437

 

Interest income

 

(82

)

 

 

(83

)

 

 

(32

)

 

 

(25

)

 

 

(71

)

 

 

(72

)

Income tax expense

 

9,607

 

 

 

2,133

 

 

 

5,546

 

 

 

708

 

 

 

8,463

 

 

 

989

 

Net loss attributed to non-controlling interest

 

(438

)

 

 

(186

)

 

 

(27

)

 

 

 

 

 

(252

)

 

 

 

Depreciation and amortization

 

8,406

 

 

 

8,561

 

 

 

1,986

 

 

 

2,097

 

 

 

4,065

 

 

 

4,220

 

EBITDA

$

79,650

 

 

$

109,263

 

 

$

17,719

 

 

$

42,252

 

 

$

28,961

 

 

$

58,574

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity in (earnings) losses from equity-method investments (a)

 

(65

)

 

 

278

 

 

 

114

 

 

 

(75

)

 

 

(418

)

 

 

(75

)

Change in fair value of contingent liability

 

(1,876

)

 

 

1,647

 

 

 

 

 

 

3,596

 

 

 

 

 

 

3,523

 

Stock-based compensation expense (b)

 

5,311

 

 

 

 

 

 

2,659

 

 

 

 

 

 

5,311

 

 

 

 

Other, net

 

(2,109

)

 

 

(529

)

 

 

(1,219

)

 

 

(493

)

 

 

(1,971

)

 

 

(391

)

Adjusted EBITDA

 

80,911

 

 

 

110,659

 

 

 

19,273

 

 

 

45,280

 

 

 

31,883

 

 

 

61,631

 

Adjusted EBITDA attributed to non-controlling interest

 

86

 

 

 

40

 

 

 

(71

)

 

 

 

 

 

46

 

 

 

 

Adjusted EBITDA attributed to Douglas Elliman

$

80,997

 

 

$

110,699

 

 

$

19,202

 

 

$

45,280

 

 

$

31,929

 

 

$

61,631

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income by Segment:

 

 

 

 

 

 

 

 

 

 

 

Real estate brokerage

$

80,803

 

 

$

102,098

 

 

$

21,575

 

 

$

43,183

 

 

$

36,116

 

 

$

57,411

 

Corporate and other

 

(13,609

)

 

 

 

 

 

(6,947

)

 

 

 

 

 

(13,609

)

 

 

 

Total

$

67,194

 

 

$

102,098

 

 

$

14,628

 

 

$

43,183

 

 

$

22,507

 

 

$

57,411

 

 

 

 

 

 

 

 

 

 

 

 

 

Real estate brokerage segment

 

 

 

 

 

 

 

 

 

 

 

Operating income

$

80,803

 

 

$

102,098

 

 

$

21,575

 

 

$

43,183

 

 

$

36,116

 

 

$

57,411

 

Depreciation and amortization

 

8,406

 

 

 

8,561

 

 

 

1,986

 

 

 

2,097

 

 

 

4,065

 

 

 

4,220

 

Stock-based compensation

 

1,859

 

 

 

 

 

 

934

 

 

 

 

 

 

1,859

 

 

 

 

Adjusted EBITDA

 

91,068

 

 

 

110,659

 

 

 

24,495

 

 

 

45,280

 

 

 

42,040

 

 

 

61,631

 

Adjusted EBITDA attributed to non-controlling interest

 

86

 

 

 

40

 

 

 

(71

)

 

 

 

 

 

46

 

 

 

 

Adjusted EBITDA attributed to Douglas Elliman

$

91,154

 

 

$

110,699

 

 

$

24,424

 

 

$

45,280

 

 

$

42,086

 

 

$

61,631

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate and other segment

 

 

 

 

 

 

 

 

 

 

 

Operating loss

$

(13,609

)

 

$

 

 

$

(6,947

)

 

$

 

 

$

(13,609

)

 

$

 

Stock-based compensation

 

3,452

 

 

 

 

 

 

1,725

 

 

 

 

 

 

3,452

 

 

 

 

Adjusted EBITDA attributed to Douglas Elliman

$

(10,157

)

 

$

 

 

$

(5,222

)

 

$

 

 

$

(10,157

)

 

$

 

_____________
 

a.

 

Represents equity in earnings recognized from the Company’s investment in certain real estate businesses that are accounted for under the equity method and are not consolidated in the Company’s financial results.

 

b.

 

Represents amortization of stock-based compensation. $934 and $1,859 is attributable to the Real estate brokerage segment for the three and six months ended June 30, 2022, and $1,725 and $3,452 is attributable to the Corporate and other segment for the three and six months ended June 30, 2022.

TABLE 3

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

RECONCILIATION OF ADJUSTED NET INCOME

(Unaudited)

(Dollars in Thousands, Except Per Share Amounts)

   

Table 3 provides a reconciliation of GAAP to Non-GAAP financial measures. For comparability purposes, Douglas Elliman Inc. (NYSE: DOUG) began operating as a standalone public company on December 30, 2021 and did not incur any material public company expenses until the first quarter of 2022. Douglas Elliman Inc. also became a full taxpayer after it became a standalone public company on December 30, 2021.

     

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

Net income attributed to Douglas Elliman Inc.

$

10,246

 

 

$

39,472

 

 

$

16,756

 

 

$

53,437

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of contingent liability

 

 

 

 

3,596

 

 

 

 

 

 

3,523

 

Income related to Tax Disaffiliation indemnification

 

(553

)

 

 

 

 

 

(553

)

 

 

 

Total adjustments

 

(553

)

 

 

3,596

 

 

 

(553

)

 

 

3,523

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income attributed to Douglas Elliman Inc.

$

9,693

 

 

$

43,068

 

 

$

16,203

 

 

$

56,960

 

 

 

 

 

 

 

 

 

 

 

Per diluted common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Net Income applicable to common shares attributed to Douglas Elliman Inc.

$

0.12

 

 

$

0.55

 

 

$

0.20

 

 

$

0.73

 

TABLE 4

DOUGLAS ELLIMAN INC. AND SUBSIDIARIES

RECONCILIATION OF REVENUES

(Unaudited)

(Dollars in Thousands)

 

 

LTM

 

Year Ended

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

December 31,

 

June 30,

 

June 30,

 

2022

 

2021

 

2022

 

2021

 

2022

 

2021

Revenues:

 

 

 

 

 

 

 

 

 

 

 

Commissions and other brokerage income

$

1,301,223

 

$

1,292,416

 

$

348,831

 

$

376,033

 

$

643,940

 

$

635,133

Property management

 

37,421

 

 

37,345

 

 

10,046

 

 

9,901

 

 

19,245

 

 

19,169

Other ancillary services

 

23,002

 

 

23,377

 

 

5,482

 

 

6,041

 

 

10,074

 

 

10,449

Total revenues

$

1,361,646

 

$

1,353,138

 

$

364,359

 

$

391,975

 

$

673,259

 

$

664,751

 

 

 

 

 

 

 

 

 

 

 

 

Gross transaction value (in billions)

$

51.2

 

$

51.2

 

$

13.6

 

$

15.1

 

$

25.3

 

$

25.3

Total transactions (absolute)

 

31,843

 

 

32,400

 

 

7,789

 

 

8,464

 

 

15,001

 

 

15,558

 

Contacts

Stephen Larkin, Douglas Elliman Inc.

917-902-2503



Emily Claffey/Benjamin Spicehandler/Columbia Clancy

FGS Global

212-687-8080



Abi Genis

FGS Global - Europe

+44 (0)20 3178 8914



J. Bryant Kirkland III, Douglas Elliman Inc.

305-579-8000

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