SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
LNR Property Corp.
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(NAME OF ISSUER)
COMMON STOCK, $.10 PAR VALUE PER SHARE
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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
1,395,950
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 1,735,850
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WITH 8 SHARED DISPOSITIVE POWER
None
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,735,850
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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)
7.4%
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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:
767 Third Avenue, New York, New York 10017-2023.
(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, $.01 par value per share.
(D) TITLE OF CLASS OF SECURITIES:
Common Stock, $.10 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 1,735,850 shares, or 7.4% of the class of
securities of the issuer.
(c) (i) TAM: 1,612,100
(ii) Not applicable.
(iii) TAM: 1,735,850
(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, 351,000 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, 757,200 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, 18,500 of
the shares reported by TAM, Quintara 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, 1,000 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, 33,100 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, 302,900 of
the shares reported by TAM, and SunAmerica Style Select Series Focused 2000
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, 62,700 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, 71,050 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 31, 2003
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(Date)
THIRD AVENUE MANAGEMENT LLC
BY:/S/ MARTIN J. WHITMAN
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Martin J. Whitman
Chairman and Chief Investment Officer