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.
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.
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.
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.
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.
Pyramid has strong distribution and is currently sold in approximately 98,000 stores nationwide.
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.
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.
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.
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.

Summary:
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.
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.
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.