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| FORM 4 | U.S. SECURITIES AND EXCHANGE COMMISSION
+--------+ WASHINGTON, D.C. 20549
[_] Check this box if
no longer subject ANNUAL 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. IRS 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 (Mo./Yr.)
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6. Relationship of Reporting Person 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
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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) (Mo/ (Instr. 8) Owned at Direct Bene-
Day/ --------------------------------------------- End of Issuer's (D) or ficial
Yr) Fiscal Year Indirect Owner (4)
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 298 I By Savings Plan
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Common Stock 01/19/02 (J) 12.500 (A) 13,500 D
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Restricted Common
Stock (1) 01/19/02 (J) 12,500 (D) 37,500 D
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* If the form is filed by more than one reporting person, see instruction
5(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.
(J) Represents release of restrictions on restricted common stock.
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, 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 1/2/2002 A 10,000(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/Amt. 8. Price 9. Number 10. Owner- 11. Na-
cisable and of of of Deriv- ship ture
Expiration Underlying Deriv- ative Form of In-
Date Securities ative Secur- of De- direct
(Month/Day/ (Instr. 3 & 4) Secur- ities rivative Bene-
Year) ity Bene- Security ficial
(Instr. ficially Direct Owner-
-------------------------------------------- 5) Owned (D) ship
at End or (Instr.
of Indirect 4)
Title/Amt. Year (I)
Exer/Expir. or # of shares (Instr. 4) (Instr. 4)
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10-31-97 / 09-30-02 Common Stock Options/ 36,577 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 Common Stock Agreement/ 16,224 N/A 16,224 D
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Explanation of Responses:
/s/ Ronald E. Schrager 2/8/2002
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**Signature of Reporting Person Date
Ronald E. Schrager
* 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 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.
Page 2
SEC 1474