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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
to Section 16.
Form 4 or Form 5 Filed pursuant to Section 16(a) of the Securities
obligations may Exchange Act of 1934, Section 17(a) of the
continue. See Public Utility Holding Company Act of 1935 or
Instruction 1(b). Section 30(f) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person
Miller Stuart A.
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(Last) (First) (Middle)
760 N.W. 107th Avenue
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(Street)
Miami FL 33172
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol LNR Property Corporation / LNR
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3. I.R.S. Identification Number of Reporting Person, if an entity
(voluntary)
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4. Statement for Month/Year Jan-02
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer
(Check all applicable)
X Director X Officer X 10% Owner ___ Other
--- --- ---
(give title below) (specify below)
Chairman of the Board
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7. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
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____ Form filed by More than One Reporting Person
Table I--Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature
of action action or Disposed of (D) Securities Form: of Indirect
Security Date Code (Instr. 3, 4 and 5) Beneficially Direct Beneficial
(Instr. 3) (Month/ (Instr. 8) Owned at End (D) or Owner
Day/ ---------------------------------------------- of Issuer's Indirect (4)
Year) Fiscal Year (I)
Code / V Amount / (A) or (D) / Price (Instr. 3 and 4) (Instr. 4)
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Common Stock N/A N/A N/A 83 I By Savings Plan
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Common Stock 01/19/02 J 50,000 (A) 268,473 D
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Restricted Common
Stock (1) 01/19/02 J 50,000 (D) 150,000 D
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Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly. (Print or Type Responses)
(1) Represents shares of restricted stock. The shares vest with respect to
one-quarter of the total number of shares on January 19, 2002 (200,000), and the
remainder will vest on each of January 19, 2003, January 19, 2004 and January
19, 2005 to the extent of one-quarter of the total number of shares.
(J) Represents release of restrictions on restricted common stock.
FORM 4 (continued)
Table II Derivative Securites Acquired, Disposed of, or Beneficially Owned
(e.g. puts, calls, warrants, options, convertible securities)
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1. Title of Derivative Security 2. Conver- 3. Transac- 4. Transac- 5. Number of 6. Date
(Instr. 3) sion or tion Date tion Code Derivative Exercisable
Exercise (Month/Day (Instr. 8) Securities and Exp-
Price of Year) Acquired iration Date
Deriv- (A) or (Month/Day
ative Disposed Year)
Security of (D)
Instr. 3,4,5
Code / V (A) (D) Exer/Expir.
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Common Stock Options (2) N/A N/A N/A 10-31-97 / 04-07-02
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Common Stock Options 27.29375 N/A N/A N/A 10-31-98 / 10-30-02
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Common Stock Options 24.8125 N/A N/A N/A 10-31-98 / 10-30-07
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Common Stock Options 18.15625 N/A N/A N/A 01-28-01 / 01-27-10
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Common Stock Options 26.84375 N/A N/A N/A 01-17-02 / 01-16-11
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Common Stock Options 31.30 1/2/2002 A 20,000 (A) 01-02-03 / 01-01-12
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1. Title of Derivative Security 7. Title/Amt. 8. Price of 9. Number 10. Owner- 11. Nature
(Instr. 3) of Derivative of Deriv- ship Form of Indirect
Underlying Security ative of Beneficial
Securities (Instr. 5) Securities Derivative Ownership
(Instr 3 & 4) Beneficially Security (Instr. 4)
Owned at Direct (D)
End of or
Title/Amt. Year Indirect (I)
or # of shares (Instr. 4) (Instr. 4)
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Common Stock Options Common Stock Options/ 232,000 N/A 232,000 D
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Common Stock Options Common Stock Options/ 20,145 N/A 20,145 D
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Common Stock Options Common Stock Options/ 79,855 N/A 79,855 D
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Common Stock Options Common Stock Options/ 20,000 N/A 20,000 D
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Common Stock Options Common Stock Options/ 20,000 N/A 20,000 D
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Common Stock Options Common Stock Options/ 20,000 N/A 20,000 D
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Explanation of Responses:
* Reporting person denies beneficial ownership of these securities.
** Intentional misstatements or ommissions of facts constitute Federal Criminal
Violations.
See 18 U. S. C. 1001 and 15 U. S. C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient,
See instruction 6 for procedure.
(2) Represents options to purchase common stock of Lennar Corporation. Due to
the 1997 spin-off of LNR from Lennar, if these options are exercised, Mr.
Miller will receive one share of LNR common stock for each share of Lennar
common stock received. The entire exercise prise of these options is
retained by Lennar.
/s/ Stuart A. Miller 2/8/2002
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** Signature of Reporting Person Date
Stuart A. Miller
Page 2