SEC Form 4
FORM 4

[  ] Check this box if no longer
subject to Section 16. Form 4 or Form
5 obligations may continue.
See Instruction 1(b).
 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, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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1. Name and Address of Reporting Person*
TEAM, DAVID O.
(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 Corporation
LNR
3. I.R.S. Identification
    Number of Reporting
    Person, if an entity
    (voluntary)
4. Statement for
    (Month/Day/Year

04/01/2003

5. If Amendment,
    Date of Original
    (Month/Day/Year)
6. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

Description           VICE-PRESIDENT
7. 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. Owner-
    ship
    Form:
    Direct (D)
    or
    Indirect (I)

    (Instr. 4)
7. Nature of
     Indirect
     Beneficial
     Ownership

    (Instr. 4)
Code
V
Amount
A/D
Price
COMMON STOCK
04/01/2003
X
5,290
A
$31.1000
D
COMMON STOCK
04/01/2003
O
1,840
A
$36.1200
34,715
D
COMMON STOCK
83
I
By Savings Plan
RESTRICTED COMMON STOCK (1)
25,000
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. Conver-
    sion or
    Exercise
    Price of
    Deri-
    vative
    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(DE) and
    Expiration Date(ED)
    (Month/Day/Year)
7. Title and Amount of
    Underlying Securities
    (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. Owner-
ship
Form of
Deriv-
ative
Securities:
Direct (D)
or
Indirect (I)

(Instr.4) 		11. Nature of
      Indirect
      Beneficial
      Ownership
      (Instr.4)
Code
V
A
D
DE
ED
Title
Amount or Number of Shares
STOCK PURCHASE AGREEMENT (2) $31.1000 04/01/2003
X
       5,290
04/01/2002
04/01/2006
COMMON STOCK
5,290
8,317
D
STOCK PURCHASE AGREEMENT (3) $36.1200 04/01/2003
O
       1,840
04/01/2003
03/30/2007
COMMON STOCK
1,840
7,362
D
COMMON STOCK OPTIONS $13.7300
             
10/31/1997
08/15/2006
COMMON STOCK
12,331
12,331
D
COMMON STOCK OPTIONS $24.8125
             
10/31/1998
10/30/2007
COMMON STOCK
37,500
37,500
D
COMMON STOCK OPTIONS $17.3125
             
01/01/1999
12/14/2007
COMMON STOCK
26,250
26,250
D
COMMON STOCK OPTIONS $18.1563
             
01/28/2001
01/27/2010
COMMON STOCK
10,000
10,000
D
COMMON STOCK OPTIONS $26.8438
             
01/17/2002
01/16/2011
COMMON STOCK
10,000
10,000
D
COMMON STOCK OPTIONS $31.3000
             
01/02/2003
01/01/2012
COMMON STOCK
10,000
10,000
D

Explanation of Responses:

 
FOOTNOTE Descriptions for LNR Property Corporation LNR


Form 4 - April 2003


David O. Team
1601 Washington Avenue, 8th Floor

Miami Beach, FL 33139

--------------------------------------------------------------------------------

Explanation of responses:

(1)   Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 12,500 shares vesting on each of 01/19/2004 and 01/19/2005.
(2)   Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1 of each year from 2004 through 2006, Mr. Team will make purchases of LNR common stock. These purchases will total 8,317 shares.
(3)   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. Team will make purchases of LNR Property common stock. These purchases will total 7,362 shares.
By: Date:
/s/ Steve Bjerke as Attorney-In-Fact 04/03/2003
Steve Bjerke as Attorney-In-Fact for David O. Team
** Signature of Reporting Person
SEC 1474 (9-02)


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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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