Third Avenue Real Estate Value Fund Shareholder Letter Q1 2018

Summary

• Includes detailed analysis of Third Avenue Real Estate Value Fund's positions in AKR, SRG, MAC, FCE.A, FCE.B.
• Through the first three months of the year, the Fund generated a return of -2.07% (after fees) versus-4.30% (before fees) for the Fund's most relevant benchmark, the FTSE EPRA/NAREIT Developed Index.
• In Fund Management's view, a superior gauge of performance is the Fund's long-term results where it has earned an annualized return of +10.93% since its inception in 1998.

Comments

[User 21558151]

"Macerich - Scottsdale mall reports positive reaction to new luxury wing"
Note in particular from the article -
"Retailers added to the mall in 2018 include Saint Laurent, Apple, b8ta, Peloton, and Untuckit. To draw upscale male shoppers, Macerich welcomes Breitling, Hublot, and IWC to join fellow Swiss watch purveyors Omega and Cartier. Fashion Square will soon serve as the first permanent location for Wonderspaces, an art exhibition concept that will inhabit a 16,000 sq.-ft. inline space. It plans to present three-ticketed art shows there starting in early 2019.
Macerich will be pursuing a densification strategy at Fashion Square, with future plans for expansion into residential units, offices space, and a hotel on a seven-acre parcel north of the mall."
Source: www.chainstoreage.com/...

[joshcohen1]

seems the first 7 pages are repeated again.
no listing of the top ten is visible on p 7.