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*
GRIFFITH MARK
(Last) (First) (Middle)
1601 WASHINGTON AVENUE, 8TH FLOOR
(Street)
MIAMI BEACH FL 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)
Vice President
3. Date of Earliest Transaction (Month/Day/Year)
04/08/2004
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)
Code V Amount (A) or (D) Price
Common Stock 347 I By IRA Trust
Common Stock 1 I By Savings Plan
Common Stock 5 I By Son
Common Stock 04/08/2004 F 2,645 D $53.65 55,216 D
Common Stock 12,500(1) D
Common Stock 40,000(2) 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)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Common Stock Options $9.92 10/31/1997(3) 12/22/2004 Common Stock 8,221 8,221 D
Common Stock Options $24.8125 10/31/1998(4) 10/30/2007 Common Stock 37,500 37,500 D
Common Stock Options $17.3125 01/01/1999(5) 12/14/2007 Common Stock 26,250 26,250 D
Common Stock Options $18.1563 01/28/2001(6) 01/27/2010 Common Stock 10,000 10,000 D
Common Stock Options $26.8438 01/17/2002(6) 01/16/2011 Common Stock 10,000 10,000 D
Common Stock Options $31.3 01/02/2003(6) 01/01/2012 Common Stock 10,000 10,000 D
Common Stock Options $34.8 04/09/2004(6) 04/08/2013 Common Stock 10,000 10,000 D
Common Stock Options $49.325 01/15/2005(6) 01/14/2014 Common Stock 20,000 20,000 D
Stock Purchase Agreement $29.39 04/01/2002(7) 04/01/2006 Common Stock 6,821 6,821 D
Stock Purchase Agreement $36.12 04/01/2003(8) 03/30/2007 Common Stock 6,966 6,966 D
Explanation of Responses:
1. Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 12,500 shares vesting on 1/19/05.
2. Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 10,000 shares vesting on each of 4/8/05, 4/8/06, 4/8/07 and 4/8/08.
3. 6,165 stock options are exercisable as of 4/8/2004. 2,056 stock options become exercisable on 9/23/2004.
4. 22,500 stock options are exercisable as of 4/8/2004. 3,750 stock options become exercisable on each of 10/31/2004 and 10/31/2005. 7,500 stock options become exercisable on 10/31/2006.
5. 15,750 stock options are exercisable as of 4/8/2004. 2,625 stock options become exercisable on each of 1/1/2005 and 1/1/2006. 5,250 stock options become exercisable on 1/1/2007.
6. These stock options vest over five years at 20% per annum on each anniversary of the grant date.
7. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1st of each year from 2005 through 2006, Mr. Griffith will make purchases of LNR common stock. These purchases will total 6,821 shares.
8. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2005, March 31, 2006 and March 30, 2007, Mr. Griffith will make purchases of LNR common stock. These purchases will total 6,966 shares.
Karen Weller as Attorney-In-Fact 04/12/2004
** 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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