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.
------------------------------------------------------------------------------------------------------------------------
Principal Amount of Notes Number of Shares of
Selling Securityholder Beneficially Owned and That May Be Common Stock
Offered by this Prospectus Beneficially Owned(1)
------------------------------------------------------------------------------------------------------------------------
Akela Capital Master Fund, Ltd. $5,000,000 110,424
Alexandra Global Master Fund, Ltd $3,500,000 77,296
Alpine Associates $9,700,000 214,222
Alpine Partners, L.P. $1,300,000 28,710
Arbitex Master Fund L.P. $3,000,000 66,254
Arkansas PERS $385,000 8,502
Banc of America Securities LLC $11,790,000 260,379
BGI Global Investors c/o Forest Investment Management LLC $168,000 3,710
BNP Paribas Equity Strategies, SNC $15,312,000 338,162
Boilermakers Blacksmith Pension Trust $500,000 11,042
Citi JL Ltd. $87,000 1,921
Common Fund Event Driven Co, Ltd. c/o Levco $65,000 1,435
Context Convertible Arbitrage Fund, LP $665,000 14,686
Context Convertible Arbitrage Offshore Ltd. $415,000 9,165
CooperNeff Convertible Strategies (Cayman) Master Fund, LP $11,856,000 261,837
CQS Convertible & Quantitative Strategies Master Fund Limited $16,000,000 353,356
DBAG Tewksbury Capital $250,000 5,521
Delaware PERS $540,000 11,925
Delta Airlines Master Trust $225,000 4,969
Deutsche Bank Securities Inc. $3,245,000 71,665
Duke Endowment $95,000 2,098
Filed pursuant to Rule 424(b)(3)
Registration No. 333-104493
Prospectus Supplement
(to Prospectus dated April 24, 2003)
------------------------------------------------------------------------------------------------------------------------
Principal Amount of Notes Number of Shares of
Selling Securityholder Beneficially Owned and That May Be Common Stock
Offered by this Prospectus Beneficially Owned(1)
------------------------------------------------------------------------------------------------------------------------
Forest Fulcrum Fund LLP $404,000 8,922
Forest Global Convertible Fund Series A-5 $1,896,000 41,872
Forest Multi-Strategy Master Fund SFC, on behalf of Series F, $204,000 4,505
Multi-Strategy Segregated Portfolio
Froley Revy Investment Convertible Security Fund $55,000 1,214
Grace Convertible Arbitrage Fund, Ltd. $5,000,000 110,424
HFR CA Select Fund $1,050,000 23,189
Highbridge International LLC $33,000,000 728,798
HSBC Asset Management (Europe) Ltd $750,000 16,563
ICI American Holdings Trust $125,000 2,760
Innovest Finanzdienstle $1,500,000 33,127
JP Morgan Securities Inc. $12,750,000 281,581
Laurel Ridge Capital LP $1,000,000 22,084
Levco Alternative Fund Ltd. $2,197,000 48,520
LLT Limited $156,000 3,445
Louisiana CCRF $70,000 1,545
Lyxor / Convertible Arbitrage Fund Limited $703,000 15,525
Lyxor Master Fund c/o Forest Investment Management LLC $632,000 13,957
Lyxor/JLC Fund Ltd. $167,000 3,688
Man Convertible Bond Master Fund, Ltd. $3,622,000 79,991
NMS Services (Cayman) Inc. $1,000,000 22,084
Pioneer High Yield VCT Portfolio $510,000 11,263
Pioneer High Yield Fund $42,940,000 948,321
PRS Convertible Arbitrage Master Fund L.P. $2,000,000 44,169
Prudential Insurance Co of America $35,000 772
Purchase Associates, L.P. $484,000 10,689
Quest Global Convertible Master Fund, Ltd. $1,000,000 22,084
RBC Alternative Assets LP $500,000 11,042
RBC Alternative Assets LP c/o Forest Investment Management LLC $160,000 3,533
Relay 11 Holdings c/o Forest Investment Management LLC $80,000 1,766
Royal Bank of Canada $1,000,000 22,084
S.A.C. Capital Associates, LLC $2,000,000 44,169
Sagamore Hill Hub Fund, Ltd $10,000,000 220,848
Sage Capital $5,500,000 121,466
San Diego County Employees Retirement Association $1,650,000 36,439
Severn River Master Fund, Ltd $17,000,000 375,441
Filed pursuant to Rule 424(b)(3)
Registration No. 333-104493
Prospectus Supplement
(to Prospectus dated April 24, 2003)
------------------------------------------------------------------------------------------------------------------------
Principal Amount of Notes Number of Shares of
Selling Securityholder Beneficially Owned and That May Be Common Stock
Offered by this Prospectus Beneficially Owned(1)
------------------------------------------------------------------------------------------------------------------------
Singlehedge US Convertible Arbitrage Fund $2,842,000 62,765
Sphinx Convertible Arbitrage c/o Forest Investment Management LLC $40,000 883
St. Thomas Trading, Ltd. $10,378,000 229,196
State of Oregon/Equity $1,700,000 37,544
Sturgeon Limited $2,048,000 45,229
Sunrise Partners Limited Partnership $13,875,000 306,426
Syngenta AG $90,000 1,987
Thomas Weisel Partners $350,000 7,729
Tribeca Investments L.T.D. $2,000,000 44,169
Wachovia Securities Inc. $8,500,000 187,720
Zazove Convertible Arbitrage Fund L.P. $3,550,000 78,401
Zazove Hedged Convertible Fund L.P. $2,850,000 62,941
Zazove Income Fund L.P. $2,850,000 62,941
Zeneca Holdings Trust $135,000 2,981
Zurich Institutional Benchmarks Master Fund LTD $2,050,000 45,273
Zurich Master Hedge Fund c/o Forest Investment Management LLC $260,000 5,742
$288,756,000 6,377,086
(1) Including the shares the selling securityholder would acquire if the selling
securityholder converted all its Notes.
September 30, 2004