Filed pursuant to Rule 424(b)(3)
Registration No. 333-104493
Prospectus Supplement
(to Prospectus dated April 24, 2003)
LNR PROPERTY CORPORATION
5.5% Contingent Convertible Senior Subordinated Notes Due 2023
This Prospectus Supplement supplements the Prospectus dated April 24, 2003
relating to $235,000,000 aggregate principal amount of our 5.5% Contingent
Convertible Senior Subordinated Notes Due 2023 and the shares of our common
stock into which those Notes are convertible.
The following are the Selling Securityholders at the date of this Prospectus
Supplement. We obtained the information about Notes beneficially owned and that
may be offered by the Prospectus, and about shares of Common Stock beneficially
owned, from the individual Selling Securityholders. We have not attempted to
verify that information.
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Principal Amount of Notes Number of Shares of
Beneficially Owned and That May Be Common Stock
Selling Securityholder Offered by this Prospectus Beneficially Owned(1)
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Innovest Finanzdienstle $1,500,000 33,127
S.A.C. Capital Associates, LLC $2,000,000 44,169
BNP Paribas Equity Strategies, SNC $11,571,000 255,543
CooperNeff Convertible Strategies (Cayman) Master Fund, LP $7,917,000 174,845
Context Convertible Arbitrage Offshore Ltd. $415,000 9,165
Context Convertible Arbitrage Fund, LP $665,000 14,686
Arkansas PERS $385,000 8,502
ICI American Holdings Trust $125,000 2,760
Zeneca Holdings Trust $135,000 2,981
Delaware PERS $540,000 11,925
Syngenta AG $90,000 1,987
Prudential Insurance Co of America $35,000 772
Boilermakers Blacksmith Pension Trust $500,000 11,042
State of Oregon/Equity $1,700,000 37,544
Duke Endowment $95,000 2,098
Louisiana CCRF $70,000 1,545
Delta Airlines Master Trust $225,000 4,969
Froley Revy Investment Convertible Security Fund $55,000 1,214
Sturgeon Limited $1,512,000 33,392
JP Morgan Securities Inc. $12,750,000 281,581
Akela Capital Master Fund, Ltd. $5,000,000 110,424
Laurel Ridge Capital LP $1,000,000 22,084
Filed pursuant to Rule 424(b)(3)
Registration No. 333-104493
Prospectus Supplement
(to Prospectus dated April 24, 2003)
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Principal Amount of Notes Number of Shares of
Beneficially Owned and That May Be Common Stock
Selling Securityholder Offered by this Prospectus Beneficially Owned(1)
------------------------------------------------------------------------------------------------------------------------------------
Alpine Associates $9,700,000 214,222
Alpine Partners, L.P. $1,300,000 28,710
Tribeca Investments L.T.D. $2,000,000 44,169
Grace Convertible Arbitrage Fund, Ltd. $5,000,000 110,424
LLT Limited $156,000 3,445
Wachovia Securities Inc. $8,500,000 187,720
Common Fund Event Driven Co, Ltd. c/o Levco $65,000 1,435
Levco Alternative Fund Ltd. $2,197,000 48,520
Citi JL Ltd. $87,000 1,921
Lyxor/JLC Fund Ltd. $167,000 3,688
Purchase Associates, L.P. $484,000 10,689
Highbridge International LLC $33,000,000 728,798
Forest Fulcrum Fund LLP $404,000 8,922
BGI Global Investors c/o Forest Investment Management LLC $168,000 3,710
Forest Multi-Strategy Master Fund SFC, on behalf of Series F, $204,000 4,505
Multi-Strategy Segregated Portfolio
Zurich Master Hedge Fund c/o Forest Investment Management LLC $260,000 5,742
Forest Global Convertible Fund Series A-5 $1,896,000 41,872
Lyxor Master Fund c/o Forest Investment Management LLC $632,000 13,957
Relay 11 Holdings c/o Forest Investment Management LLC $80,000 1,766
RBC Alternative Assets LP c/o Forest Investment Management LLC $160,000 3,533
RBC Alternative Assets LP $500,000 11,042
Sphinx Convertible Arbitrage c/o Forest Investment Management $40,000 883
LLC
Banc of America Securities LLC $4,400,000 97,173
Sunrise Partners Limited Partnership $13,875,000 306,426
Man Convertible Bond Master Fund, Ltd. $3,622,000 79,991
St. Thomas Trading, Ltd. $10,378,000 229,196
Arbitex Master Fund L.P. $3,000,000 66,254
Thomas Weisel Partners $350,000 7,729
Deutsche Bank Securities Inc. $3,245,000 71,665
DBAG Tewksbury Capital $250,000 5,521
Zurich Institutional Benchmarks Master Fund LTD $2,050,000 45,273
Zazove Income Fund L.P. $2,850,000 62,941
Zazove Hedged Convertible Fund L.P. $2,850,000 62,941
Zazove Convertible Arbitrage Fund L.P. $3,550,000 78,401
Filed pursuant to Rule 424(b)(3)
Registration No. 333-104493
Prospectus Supplement
(to Prospectus dated April 24, 2003)
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Principal Amount of Notes Number of Shares of
Beneficially Owned and That May Be Common Stock
Selling Securityholder Offered by this Prospectus Beneficially Owned(1)
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HFR CA Select Fund $1,050,000 23,189
San Diego County Employees Retirement Association $1,650,000 36,439
Sage Capital $5,500,000 121,466
Royal Bank of Canada $1,000,000 22,084
CQS Convertible & Quantitative Strategies Master Fund Limited $16,000,000 353,356
Alexandra Global Master Fund, Ltd $3,500,000 77,296
Quest Global Convertible Master Fund, Ltd. $1,000,000 22,084
NMS Services (Cayman) Inc. $1,000,000 22,084
PRS Convertible Arbitrage Master Fund L.P. $2,000,000 44,169
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$198,405,000 4,381,705
(1) Including the shares the selling securityholder would acquire if the
selling securityholder converted all its Notes.
December 9, 2003