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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*
Schrager Ronald E.
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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 Feb-02
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
___ Director X Officer ___ 10% Owner ___ Other
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(give title below) (specify below)
Vice President
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7. Individual of Joint/Group Filing
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. Owner- 7. Nature
of action action or Disposed of (D) Securities ship of In-
Security Date Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Instr. 3) (Month/ (Instr. 8) Owned at End of Direct Bene-
Day/ ---------------------------------------------- Issuer's Fiscal (D) or ficial
Year) Code / V Amount / A or D / Price Year Indirect Owner
(Instr. 3 and 4) (Instr. 4) (4)
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Common Stock N/A N/A N/A 298 I By Savings Plan
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Common Stock 02/08/02 F 3,704 / D / $33.47 9,796 D
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Restricted Common
Stock (1) N/A N/A N/A 37,500 D
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* If the form is filed by more than one reporting person, see Instruction
4(b)(v).
(1) Represents shares of restricted stock. The shares vest with respect to one-
quarter of the total number of shares on January 19, 2002 (50,000), 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.
FORM 4 (continued)
Table II--Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
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1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv-
Security (Instr. 3) sion or action tion Code ative Securities
Exercise Date (Instr. 8) Acquired (A) or
Price of (Month/ Disposed of (D)
Deriv- Day/ (Instr. 3, 4, and 5)
ative Year)
Security
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Code / V (A) (D)
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Common Stock Options 13.54 N/A N/A N/A
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Common Stock Options 24.8125 N/A N/A N/A
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Common Stock Options 17.3125 N/A N/A N/A
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Common Stock Options 18.15625 N/A N/A N/A
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Common Stock Options 26.84375 N/A N/A N/A
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Common Stock Options 31.30 N/A N/A N/A
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Stock Purchase Agreement (2) 28.80 N/A N/A N/A
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6. Date Exer- 7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
cisable and Underlying Securities of of Deriv- ship ture
Expiration (Instr. 3 and 4) Deriv- ative Form of In-
Date ative Secur- of De- direct
(Month/Day/ Secur- ities rivative Bene-
Year) ity Bene- Security ficial
(Instr. ficially Direct (D) Owner-
5) Owned at or ship
Title / Amount or End of Year Indirect (I) (Instr.
Exer / Expir. # of Shares (Instr. 4) (Instr. 4) 4)
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10-31-97 / 09-30-02 Common Stock Options/ 6,577 N/A 6,577 D
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10-31-98 / 10-30-07 Common Stock Options/ 37,500 N/A 37,500 D
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01-01-99 / 12-14-07 Common Stock Options/ 26,250 N/A 26,250 D
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01-28-01 / 01-27-10 Common Stock Options/ 10,000 N/A 10,000 D
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01-17-02 / 01-16-11 Common Stock Options/ 10,000 N/A 10,000 D
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01-02-03 / 01-01-12 Common Stock Options/ 10,000 N/A 10,000 D
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04-01-02 / 04-01-06 Stock Purchase Agreement/ 16,224 N/A 16,224 D
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Explanation of Responses:
/s/ Ronald E. Schrager 3/9/2002
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**Signature of Reporting Person Date
Ronald E. Schrager
* Reporting person denies beneficial ownership of these securities.
** Intentional misstatements or omissions 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 a signed purchase agreement under the 2001 Senior Officer Stock
Purchase Plan. On April 1st of each year from 2002 through 2006, Mr. Schrager
will make purchases of LNR common stock. These purchases will total 16,224
shares.
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