SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

KRASNOFF JEFFREY P

(Last)

(First)

(Middle)

1601 WASHINGTON AVENUE, 8TH FLOOR

(Street)

MIAMI BEACH

33139

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
LNR PROPERTY CORP [ LNR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
12/29/2003

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock								402	I	By Savings Plan
Common Stock								2,871	I	By IRA Trust
Common Stock								199,780	D
Common Stock	12/29/2003		J⁽¹⁾		50,000	D	$0	50,000⁽²⁾	D
Common Stock	12/29/2003		J⁽¹⁾		40,000	D	$0	160,000⁽³⁾	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock Options	$24.8125							10/31/1998⁽⁴⁾	10/30/2007	Common Stock	100,000		100,000	D
Common Stock Options	$17.3125							01/01/1999⁽⁵⁾	12/14/2007	Common Stock	70,000		70,000	D
Common Stock Options	$18.1563							01/28/2001⁽⁶⁾	01/27/2010	Common Stock	20,000		20,000	D
Common Stock Options	$26.8438							01/17/2002⁽⁶⁾	01/16/2011	Common Stock	20,000		20,000	D
Common Stock Options	$31.3							01/02/2003⁽⁶⁾	01/01/2012	Common Stock	20,000		20,000	D
Common Stock Options	$34.8							04/09/2004⁽⁶⁾	04/08/2013	Common Stock	20,000		20,000	D
Common Stock Options⁽⁷⁾	$49.325							01/15/2005⁽⁶⁾	01/14/2014	Common Stock	40,000		40,000	D
Stock Purchase Agreement	$28.8							04/01/2002⁽⁸⁾	04/01/2006	Common Stock	17,308		17,308	D
Stock Purchase Agreement	$36.12							04/01/2003⁽⁹⁾	03/30/2007	Common Stock	10,812		10,812	D
Stock Purchase Agreement	$35.14							04/01/2004⁽¹⁰⁾	04/01/2008	Common Stock	14,328		14,328	D
Common Stock⁽¹¹⁾	$0	12/29/2003		J⁽¹²⁾		90,000		08/08/1988⁽¹³⁾	08/08/1988⁽¹³⁾	Common Stock	90,000	$0	90,000	D

Explanation of Responses:

1. J = Surrender of non-vested restricted stock in exchange for a commitment to issue shares under LNR's Non-Qualified Deferred Compensation Plan.

2. Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 50,000 shares vesting on 1/19/05.

3. Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 40,000 shares vesting on each of 4/8/05, 4/8/06, 4/8/07 and 4/8/08.

4. 60,000 stock options are exercisable as of 1/23/04. 10,000 stock options become exercisable on each of 10/31/04 and 10/31/05. 20,000 stock options become exercisable on 10/31/06.

5. 42,000 stock options are exercisable as of 1/23/04. 7,000 stock options become exercisable on each of 1/1/05 and 1/1/06. 14,000 stock options become exercisable on 1/1/07.

6. These stock options vest over five years at 20% per annum on each anniversary of the grant date.

7. These stock options were granted subsequent to the transaction reported herein.

8. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1st of each year from 2004 through 2006, Mr. Krasnoff will make purchases of LNR common stock. These purchases will total 17,308 shares.

9. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2004 and 2005, March 31, 2006 and March 30, 2007, Mr. Krasnoff will make purchases of LNR common stock. These purchases will total 10,812 shares.

10. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2004 and 2005, March 31, 2006, March 30, 2007 and April 1, 2008, Mr. Krasnoff will make purchases of LNR common stock. These purchases will total 14,328 shares.

11. Contractual right to receive shares in the future.

12. J = Grant of right to receive shares under LNR's Non-Qualified Deferred Compensation Plan in exchange for surrender of non-vested restricted stock.

13. The SEC staff has designated 8/8/88 as a "dummy date."

	Steve Bjerke as Attorney-In-Fact	01/23/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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