Third Avenue
Third Avenue Management Real Estate Value Fund
Real Estate
Dec 2025 → Dec 2025
Our archive holds 1 letter from this strategy, behind 2 investment theses and positions in 21 companies. Every quote below is copied verbatim from the letter it came from.
1 letter in a year · follow all of Third Avenue for every strategy.
What it bought and sold
The other primary changes included the Fund adding to issuers where the price-to-value gap widened, including the Unite Group (U.K. student housing), Fidelity National Financial, and AMH Inc. (U.S. single-family rentals).
In parallel to these developments, the Fund initiated a position in the common stock of another enterprise that is well-versed in resource conversion: FirstService Corporation (“FirstService”).
The Fund also trimmed back CBRE Group and JLL Inc. (global real estate services businesses) alongside recent performance, received a special dividend from Rayonier, and extended the Fund’s British Pound hedge.
The other primary changes included the Fund adding to issuers where the price-to-value gap widened, including the Unite Group (U.K. student housing), Fidelity National Financial, and AMH Inc. (U.S. single-family rentals).
The other primary changes included the Fund adding to issuers where the price-to-value gap widened, including the Unite Group (U.K. student housing), Fidelity National Financial, and AMH Inc. (U.S. single-family rentals).
Also held
Its investment theses
- FirstService CorporationDec 2025FirstService Corporation is a conservatively financed, aligned real estate services platform trading at attractive multiples with resilient revenues and multiple growth and resource conversion levers.
- RayonierDec 2025Rayonier is a major U.S. timberland owner executing divestitures, a special dividend, and a merger with PotlatchDeltic to drive efficiencies and scale across timber and resource assets.