SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5)
LNR Property Corp.
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(NAME OF ISSUER)
COMMON STOCK
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(TITLE OF CLASS OF SECURITIES)
501940100
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(CUSIP NUMBER)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X] Rule 13d-1(b)
[ ] Rule 13d-1(c)
[ ] Rule 13d-1(d)
The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the notes).
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
THIRD AVENUE MANAGEMENT LLC
(EIN 01-0690900)
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE LIMITED LIABILITY CORPORATION
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5 SOLE VOTING POWER
2,639,300
NUMBER OF ---------------------------------------------------------------
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SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY None
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EACH 7 SOLE DISPOSITIVE POWER
REPORTING
PERSON 2,901,225
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WITH 8 SHARED DISPOSITIVE POWER
None
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
2,901,225
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
[ ]
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.6%
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12 TYPE OF REPORTING PERSON*
IA
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ITEM 1.
(A) NAME OF ISSUER:
LNR Property Corp. (the "Issuer").
(B) ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES OR,IF NONE, RESIDENCE:
760 Northwest 107th Avenue, Miami, FL 33172
ITEM 2.
(A) NAME OF PERSON FILING:
This schedule is being filed by Third Avenue Management LLC ("TAM").
(TAM is sometimes referred to hereinafter as "Filer").
(B) ADDRESS OF PRINCIPAL BUSINESS OFFICE:
The address of the principal executive office of TAM is:
622 Third Avenue, 32nd Floor, New York, New York 10017.
(C) CITIZENSHIP:
The citizenship or place of organization of the reporting person is as
follows:
Delaware Limited Liability Company.
(D) TITLE OF CLASS OF SECURITIES:
Common Stock, no par value per share.
(D) TITLE OF CLASS OF SECURITIES:
Common Stock, no par value per share.
(E) CUSIP NUMBER:
501940100
ITEM 3. IF THIS STATEMENT IS BEING FILED PURSUANT TO RULES 13D-1(B), OR
13D-2(B), CHECK WHETHER THE PERSON FILING IS A:
(E) Investment Adviser. TAM is a registered under Section 203 of
the Investment Advisers Act of 1940.
ITEM 4. OWNERSHIP.
(a)& (b) TAM beneficially owns 2,901,225 shares, or 14.6% of the class
of securities of the issuer.
(c) (i) TAM: 2,639,300
(ii) Not applicable.
(iii) TAM: 2,901,225
(iv) Not applicable.
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Third Avenue Value Fund, an investment company registered under the
Investment Company Act of 1940, has the right to receive dividends from,
and the proceeds from the sale of, 14,600 of the shares reported by TAM,
Third Avenue Small-Cap Value Fund, an investment company registered under
the Investment Company Act of 1940, has the right to receive dividends
from, and the proceeds from the sale of, 348,100 of the shares reported
by TAM, Third Avenue Real Estate Value Fund, an investment company
registered under the Investment Company Act of 1940, has the right to
receive dividends from, and the proceeds from the sale of, 1,452,200 of
the shares reported by TAM, Third Avenue Variable Series Trust of the
Third Avenue Value Portfolio, an investment company registered under the
Investment Company Act of 1940, has the right to receive dividends from,
and the proceeds from the sale of, 123,800 of the shares reported by TAM,
Third Avenue Small-Cap Value Portfolio of the Met Investors Series Trust,
an investment company registered under the Investment Company Act of 1940,
has the right to receive dividends from, and the proceeds from the sale of,
168,800 of the shares reported by TAM, American Express Partners Small Cap
Value Fund, an investment company registered under the Investment Company
Act of 1940, has the right to receive dividends from, and the proceeds from
the sale of, 211,400 of the shares reported by TAM, American Express Variable
Portfolio Partners Small Cap Value Fund, an investment company registered
under the Investment Company Act of 1940, has the right to receive dividends
from, and the proceeds from the sale of, 35,600 of the shares reported by TAM,
Touchstone Variable Series Trust-Touchstone Third Avenue Value Fund, an
investment company registered under the Investment Company Act of 1940, has
the right to receive dividends from, and the proceeds from the sale of, 191,900
of the shares reported by TAM, and Aegon/TranAmerica Series-Third Avenue Value
Portfolio Fund, an investment company registered under the Investment Company
Act of 1940, has the right to receive dividends from, and the proceeds from
the sale of, 191,900 of the shares reported by TAM. Various separately managed
accounts for whom TAM acts as investment advisor have the right to receive
dividends from, and the proceeds of the sale of, 328,125 of the shares reported
by TAM.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not Applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the ordinary course
of business and were not acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer of such securities
and were not acquired in connection with or as a participant in any transaction
having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief,
I certify that the information set forth in this statement is true, complete
and correct.
January 16, 2004
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(Date)
THIRD AVENUE MANAGEMENT LLC
BY:/S/ MARTIN J. WHITMAN
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Martin J. Whitman
Chairman and Co-Chief Investment Officer