13F-HR 1 tam123111.txt 13F 12-31-11 FORM 13F UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 13F-HR Form 13F-HR COVER PAGE Report for the Calendar Year or Quarter Ended: December 31, 2011 Check here if Amendment: | |; Amendment Number: This Amendment (Check only one): | | is a restatement. |_| adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Third Avenue Management LLC Address: 622 Third Avenue, 32nd Floor New York, NY 10017 Form 13F File Number: 028-5110 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Willard James Hall Title: General Counsel Phone: 212-888-2290 Signature, Place, and Date of Signing: Willard James Hall New York, New York February 14, 2012 Report Type (Check one only): [x] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.) [ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) [ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) Form 13F SUMMARY PAGE Report Summary: Number of Other Included Managers: 1 Form 13F Information Table Entry Total: 133 Form 13F Information Table Value Total: $3,979,239 (thousands) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file nember(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state "NONE" and omit the column headings and list entries.] No. Form 13F File Number Name 1 028-10561 AIC Investment Services Inc. FORM 13F INFORMATION TABLE
VALUE SHRS OR SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY NAME OF ISSUER TITLE OF CLASS CUSIP (X$1000) PRN AMT PRN CALL DSCRETN MNGRS SOLE SHARED NONE AbitibiBowater Inc. COM NEW 003687209 7637 524895 SH X 524895 0 0 Acadia Realty Trust COM SH BEN INT 004239109 403 19999 SH X 19999 0 0 Aeropostale Inc. COM 007865108 9710 636700 SH X 636700 0 0 Alamo Group, Inc. COM 011311107 19824 736115 SH X 736115 0 0 Alexander & Baldwin, Inc. COM 014482103 53265 1304875 SH X 1304685 0 190 Alico, Inc. COM 016230104 4940 255041 SH X 255041 0 0 Alleghany Corp. COM 017175100 13801 48377 SH X 48377 0 0 American Eagle Outfitters COM 02553E106 26214 1714422 SH X 1714422 0 0 Annaly Capital Mgmtt, Inc. COM 035710409 185 11600 SH X 11600 0 0 Applied Materials, Inc. COM 038222105 10632 992730 SH OTHER 1 992730 0 0 Applied Materials, Inc. COM 038222105 45829 4279096 SH X 4091971 0 187125 Arch Capital Group Ltd. ORD G0450A105 19603 526537 SH X 526537 0 0 AVX Corporation COM 002444107 15105 1183815 SH OTHER 1 1183815 0 0 AVX Corporation COM 002444107 42247 3310865 SH X 3182159 0 128706 Bank of New York Mellon Corp. COM 064058100 28234 1418079 SH OTHER 1 1418079 0 0 Bank of New York Mellon Corp. COM 064058100 170351 8556044 SH X 8411411 0 144633 Bel Fuse Inc. CL B 077347300 22125 1179983 SH X 1179983 0 0 Bristow Group Inc. COM 110394103 66601 1405374 SH X 1401074 0 4300 Broadridge Financial Solutions Inc. COM 11133T103 42613 1889705 SH X 1887030 0 2675 Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 11967 435468 SH OTHER 1 435468 0 0 Brookfield Asset Mgmt. CL A CL A LTD VT SH 112585104 292031 10627045 SH X 10617268 0 9777 Brookfield Infrastructure Part. LP INT UNIT G16252101 11462 413805 SH X 413805 0 0 Brookfield Properties COM 112900105 587 37550 SH X 37550 0 0 Capital Southwest COM 140501107 10287 126148 SH X 126148 0 0 Capstead Mortgage Corporation COM NO PAR 14067E506 156 12500 SH X 12500 0 0 Carver Bancorp, Inc. COM 146875109 121 14567 SH X 14567 0 0 Cavco Industries, Inc. COM 149568107 35814 894021 SH X 894021 0 0 Cedar Shopping Centers COM 150602209 2302 534000 SH X 534000 0 0 Cenovus Energy Inc. COM 15135U109 41593 1252795 SH X 1252795 0 0 Cimarex Energy Co. COM 171798101 9835 158881 SH X 158881 0 0 Colonial Financial Services COM 19566B101 591 47859 SH X 47859 0 0 Compass Minerals Int'l COM 20451N101 5499 79876 SH X 79876 0 0 ConocoPhillips COM 20825C104 1361 18683 SH X 18683 0 0 Consolidated Tomoka Land Co. COM 210226106 13991 516855 SH X 516855 0 0 Covanta Holding Corporation COM 22282E102 126701 9255039 SH X 9255039 0 0 Cowen group Inc CL A 223622101 7250 2799270 SH X 2799270 0 0 Cross Country Healthcare Inc. COM 227483104 18702 3369733 SH X 3369733 0 0 Electro Scientific Industries, Inc. COM 285229100 18882 1303995 SH X 1303995 0 0 Electronics for Imaging Inc. COM 286082102 36122 2534885 SH X 2524535 0 10350 EMCOR Group, Inc. COM 29084Q100 15776 588431 SH X 588431 0 0 Encana Corporation COM 292505104 17922 966050 SH OTHER 1 966050 0 0 Encana Corporation COM 292505104 72702 3923475 SH X 3814520 0 108955 Encore Wire Corporation COM 292562105 17620 680295 SH X 680295 0 0 Excel Trust, Inc. COM 30068C109 9259 771590 SH X 771590 0 0 Fedfirst Financial Corporation COM 31429C101 3179 232032 SH X 232032 0 0 First Industrial Realty Trust, Inc. COM 32054K103 419 40995 SH OTHER 1 40995 0 0 First Industrial Realty Trust, Inc. COM 32054K103 39231 3834876 SH X 3834876 0 0 First Niagara Financial Group, Inc. COM 33582V108 5458 632464 SH X 632464 0 0 First Potomac Realty Trust COM 33610F109 578 44300 SH X 44300 0 0 Forest City Enterprises Inc. CL A CL A 345550107 797 67392 SH OTHER 1 67392 0 0 Forest City Enterprises Inc. CL A 345550107 234266 19819492 SH X 19816017 0 3475 Forest City Enterprises Inc. CL B CONV 345550305 306 25800 SH X 25800 0 0 General Growth Properties, Inc. COM 370023103 308 20517 SH OTHER 1 20517 0 0 General Growth Properties, Inc. COM 370023103 26440 1760337 SH X 1760337 0 0 General Motors Co. COM 37045V100 7732 381467 SH X 381467 0 0 Glatfelter P. H. Co. COM 377316104 36079 2555178 SH X 2555178 0 0 Haemonetics Corporation COM 405024100 18129 296131 SH X 296131 0 0 Haverty Furniture Co. Inc. COM 419596101 16495 1502318 SH X 1502318 0 0 HCC Insurance Holdings COM 404132102 30872 1122604 SH X 1122604 0 0 ICF International, Inc. COM 44925C103 22868 922856 SH X 922856 0 0 Ingram Micro Inc. CL A 457153104 56573 3110112 SH X 3110112 0 0 Insteel Industries Inc. COM 45774W108 9576 871364 SH X 871364 0 0 Intel Corporation COM 458140100 9336 385000 SH X 385000 0 0 Investment Technology Group COM 46145F105 37674 3485122 SH X 3477697 0 7425 Irsa Inversiones Y Rep S A GDR 450047204 859 82814 SH X 82814 0 0 J&J Snack Foods Corporation COM 466032109 2291 42991 SH X 42991 0 0 Jakks Pacific, Inc. COM 47012E106 12237 867234 SH X 867234 0 0 Kaiser Aluminum Corp. COM PAR $0.01 483007704 39934 870394 SH X 870394 0 0 Kearny Financial Corp. COM 487169104 5892 620214 SH X 620214 0 0 Keycorp COM 493267108 8756 1138566 SH OTHER 1 1138566 0 0 Keycorp COM 493267108 100137 13021722 SH X 13007522 0 14200 Kimco Realty Corp COM 49446R109 371 22845 SH X 22845 0 0 Kinross Gold Corporation COM NO PAR 496902404 32200 2819187 SH X 2819187 0 0 Lennar Corp. CL A 526057104 527 26831 SH OTHER 1 26831 0 0 Lennar Corp. CL A 526057104 47656 2425238 SH X 2425238 0 0 Leucadia National Corporation COM 527288104 78143 3436374 SH X 3432049 0 4325 Lexmark International Inc. CL A 529771107 44973 1359944 SH X 1359944 0 0 Liberty Media-Starz Group LIB STAR COM A 53071M708 39463 505614 SH X 505614 0 0 Lowe's Companies Inc. COM 548661107 635 25000 SH OTHER 1 25000 0 0 Lowe's Companies Inc. COM 548661107 77519 3054350 SH X 3054350 0 0 Madison Square Garden Inc. CL A 55826P100 48873 1706457 SH X 1706457 0 0 Mantech International Corp. COM 564563104 39371 1260262 SH X 1260262 0 0 MDC Holdings Inc. COM 552676108 448 25411 SH X 25411 0 0 MEMC Electronic Materials, Inc. COM 552715104 10878 2760881 SH X 2760881 0 0 Minerals Technologies Inc. COM 603158106 4147 73368 SH OTHER 1 73368 0 0 Minerals Technologies Inc. COM 603158106 28312 500830 SH X 500830 0 0 Montpelier Re Holdings Ltd. SHS G62185106 13774 776022 SH X 776022 0 0 National Western Life Insurance Co. CL A 638522102 2212 16245 SH X 16245 0 0 Newmont Mining Corporation COM 651639106 29794 496482 SH X 496482 0 0 Oshkosh Corporation COM 688239201 38794 1814478 SH X 1814478 0 0 Park Electrochemical Corporation COM 700416209 18290 713884 SH X 713884 0 0 Pioneer Drilling Co. COM 723655106 17823 1841207 SH X 1841207 0 0 Posco ADR 693483109 27805 338677 SH OTHER 1 338677 0 0 Posco ADR 693483109 330005 4019550 SH X 3988880 0 30670 Precision Drilling Corp, COM 74022D308 21429 2078100 SH X 2078100 0 0 Prologis Inc. COM 74340W103 405 14180 SH X 14180 0 0 Provident Energy Ltd COM 74386V100 6788 700566 SH X 700566 0 0 PS Business Parks, Inc. COM 69360J107 338 6100 SH X 6100 0 0 Sanderson Farms Inc. COM 800013104 247 4920 SH X 4920 0 0 Sanofi- Aventis SPON ADR 80105N105 554 15155 SH X 14855 0 300 Scorpio Tankers COM Y7542C106 9262 1894128 SH X 1894128 0 0 Seacor Holdings Inc. COM 811904101 49055 551422 SH X 551422 0 0 SemGroup Corporation CL A 81663A105 32767 1257351 SH X 1257351 0 0 Sensient Technologies Corp. COM 81725T100 18301 482876 SH X 482876 0 0 Skyline Corporation COM 830830105 3551 816248 SH X 816248 0 0 SPDR TR UNIT SER 1 ETF 78462F103 6308 50260 SH X 50260 0 0 Stanley Furniture Company, Inc. COM 854305208 9038 3012824 SH X 3012824 0 0 Superior Industries Int'l, Inc. COM 868168105 39982 2417303 SH X 2417303 0 0 Sycamore Networks, Inc. COM 871206405 11350 634076 SH OTHER 1 634076 0 0 Sycamore Networks, Inc. COM 871206405 60132 3359335 SH X 3310577 0 48758 Tejon Ranch Co. COM 879080109 452 18482 SH OTHER 1 18482 0 0 Tejon Ranch Co. COM 879080109 115975 4737531 SH X 4737531 0 0 Telefex Inc. COM 879369106 39036 636906 SH X 636906 0 0 Tellabs, Inc. COM 879664100 8529 2111042 SH OTHER 1 2111042 0 0 Tellabs, Inc. COM 879664100 93231 23076913 SH X 23051288 0 25625 Terreno Realty Corp. COM 88146M101 4783 315890 SH X 315890 0 0 The St. Joe Company COM 790148100 2 105 SH OTHER 1 105 0 0 The St. Joe Company COM 790148100 232 15795 SH X 15795 0 0 Thomas Properties Group Inc. COM 884453101 217 65300 SH OTHER 1 65300 0 0 Thomas Properties Group Inc. COM 884453101 25315 7601979 SH X 7601979 0 0 Tidewater Inc. COM 886423102 16744 339631 SH X 339631 0 0 Transatlantic Holdings Inc. COM 893521104 5473 100000 SH OTHER 1 100000 0 0 Transatlantic Holdings Inc. COM 893521104 13356 244029 SH X 244029 0 0 UniFirst Corporation COM 904708104 19360 341199 SH X 341199 0 0 Vail Resorts Inc. COM 91879Q109 58559 1382421 SH X 1382421 0 0 Vornado Realty Trust SH BEN INT 929042109 431 5611 SH OTHER 1 5611 0 0 Vornado Realty Trust SH BEN INT 929042109 50317 654652 SH X 654652 0 0 Westlake Chemical Corp. COM 960413102 26203 651174 SH X 651174 0 0 Westwood Holdings Group Inc. COM 961765104 19496 533394 SH X 533394 0 0 Weyerhaeuser Company COM 962166104 457 24498 SH OTHER 1 24498 0 0 Weyerhaeuser Company COM 962166104 122756 6575056 SH X 6566229 0 8827 White Mountains Insurance Group COM G9618E107 8029 17705 SH OTHER 1 17705 0 0 White Mtns Insurance Group COM G9618E107 44495 98123 SH X 98123 0 0