13F filing recap · Q1 2020

What did Third Avenue Management buy in Q1 2020?

Reported stock-position changes between this filing and the previous one. US-listed stocks across every Third Avenue account, including accounts that belong to no fund below.

Stock value

$676.26M

Positions

Estimated turnover

35.6%

Turnover is a proxy: verified trade-origin share changes valued at period-end and divided by average reported stock value. SEC holdings reports do not disclose execution dates or prices. Corporate actions and unreconciled activity are excluded.

New positions

PLDPrologis, Inc.$29.65Mreported value+368.9K shares ESSEssex Property Trust, Inc.$21.52Mreported value+97.7K shares PSAPublic Storage$20.16Mreported value+101.5K shares LOWLowe’s Companies, Inc.$14.56Mreported value+169.2K shares ORIOld Republic International Corp$12.16Mreported value+797.2K shares CBRECbre Group, Inc.$8.87Mreported value+235.1K shares FDXFedex Corporation$8.67Mreported value+71.5K shares CALMCal-Maine Foods, Inc.$6.02Mreported value+136.9K shares CETCentral Securities Corporation$2.87Mreported value+111.2K shares BATRALiberty Media Corporation$1.34Mreported value+68.7K shares IYRiShares Trust$627.0Kreported value+9.0K shares NXRTNexpoint Residential Trust, Inc.$580.0Kreported value+23.0K shares PCHPotlatchdeltic Corporation$503.0Kreported value+16.0K shares ROICRetail Opportunity Investments Corp.$456.0Kreported value+55.0K shares STCStewart Information Services Corp$454.0Kreported value+17.0K shares CIOCity Office REIT Inc$398.0Kreported value+55.0K shares RMRThe Rmr Group Inc.$378.0Kreported value+14.0K shares CTOCto Realty Growth, Inc.$363.0Kreported value+8.0K shares MNRUSDMonmouth Real Estate Investment Corporation$362.0Kreported value+30.0K shares

Increased positions

JBGSJbg Smith Properties$39.21Mreported value+9.7K shares+0.8%VNOVornado Realty Trust$37.01Mreported value+441.5K shares+76.0%TDWTidewater Inc$19.63Mreported value+17.1K shares+0.6%HCCWarrior Met Coal, Inc.$19.60Mreported value+56.4K shares

Reduced positions

FPHFive Point Holdings, LLC$59.06Mreported value-64.9K shares-0.6%BAMBrookfield Corporation$47.58Mreported value-459 shares-0.0%WYWeyerhaeuser Company$31.15Mreported value-807.3K shares-30.5%RYNRayonier Inc.$28.80Mreported value-59.6K shares

Exited positions

AKRAcadia Realty Trust$22.63Mprior reported value-872.6K shares-100.0%PNCThe Pnc Financial Services Group, Inc.$21.73Mprior reported value-136.1K shares-100.0%HHCHoward Hughes Holdings Inc.$14.30Mprior reported value-112.8K shares-100.0%CLNYColony Capital Inc$8.57Mprior reported value