FORM 4
 

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 4

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

o Check this box if no longer
subject to Section 16.
Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
1. Name and Address of Reporting
Person*		 2. Issuer Name and Ticker or Trading
Symbol		 3. I.R.S. Identification Number of Reporting
Person, if an entity (Voluntary)
  Miller, Stuart A.
(Last) (First) (Middle)		   LNR Property Corporation / LNR
  
     
  760 N.W. 107th Avenue
(Street)		 4. Statement for Month/Day/Year 5. If Amendment, Date of Original (Month/Day/Year)
    10/29/02
  
     
    6. Relationship of Reporting Person(s)
to Issuer (Check All Applicable)		 7. Individual or Joint/Group Filing
(Check Applicable Line)
  Miami, FL 33172
(City)        (State)        (Zip)		   x  Director x  10% Owner   x Form Filed by One Reporting Person
    x  Officer (give title below)   o Form Filed by More than One Reporting Person
    o  Other (specify below)  
      Chairman of the Board
      
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).

 

                                               
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 Sec-
urities Beneficially
Owned Following
Reported Trans-
action(s)
(Instr. 3 and 4)		 6. Ownership
Form:
Direct (D) or
Indirect (I)
(Instr. 4)		 7. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
              Code V   Amount (A)
or
(D)		 Price          
  Common Stock   N/A   N/A   N/A     N/A         83     I   By Savings Plan
  Common Stock   10/29/2002   N/A   F(1)     15,536   (D)   35.3925          
  Common Stock   10/29/2002   N/A   M(1)     20,145   (A)   27.29375     405,082     D  
  Restricted Common Stock (2)   N/A   N/A   N/A     N/A         150,000     D  
                         
                         
                         
                         
                         
                         

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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. Conversion or Exercise
Price of Derivative
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)
                      Code V   (A) (D)
  Common Stock Options     27.29375     10/29/2002   N/A   X   20,145(D)
  Common Stock Options     24.8125     N/A   N/A   N/A   N/A
  Common Stock Options     18.15625     N/A   N/A   N/A   N/A
  Common Stock Options     26.84375     N/A   N/A   N/A   N/A
  Common Stock Options     31.30     N/A   N/A   N/A   N/A
  Class B Common Stock     One for one     N/A   N/A   N/A   N/A
               
               
               
               

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Table II — Derivative Securities Acquired, Disposed of, or Beneficially Owned — Continued
(e.g., puts, calls, warrants, options, convertible securities)
6. Date Exercisable and
Expiration Date
(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. Ownership Form of
Derivative Security:
Direct (D) or
Indirect (I)
(Instr. 4)		 11. Nature of
Indirect
Beneficial
Ownership
(Instr. 4)
  Date
Exercisable		 Expiration
Date		   Title Amount or
Number of
Shares		                        
  10/31/98 10/30/02   Common Stock 0     N/A       -        
  10/31/98 10/30/07   Common Stock 79,855     N.A       79,855     D  
  01/28/01 01/27/10   Common Stock 20,000     N/A       20,000     D  
  01/17/02 01/16/11   Common Stock 20,000     N/A       20,000     D  
  01/02/03 01/01/12   Common Stock 20,000     N/A       20,000     D  
  Immediate N/A   Common Stock 2,807,030     N/A       2,807,030     I   Controls General Partner
                   
                   
                   
                   

Explanation of Responses:

(1) The exercise price for the 20,145 options exercised was satisfied by the delivery of 15,536 previously owned shared to LNR Property Corporation by Stuart Miller.

(2) Shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 150,000 shares owned and 50,000 shares vesting on each 1/19/01, 1/19/03, and 1/19/05.

/s/ Steve Bjerke as Attorney-In-Fact   10/30/2002
**Signature of Reporting Person		  
Date
Steve Bjerke as Attorney-In-Fact
for Stuart Miller		    

**   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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