SEC Form 4

FORM 4		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 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	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* LEVIN DAVID (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 CORP [ LNR ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Vice President
	3. Date of Earliest Transaction (Month/Day/Year) 11/02/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. 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. 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								365	I	By Savings Plan
Common Stock	11/02/2004		M		7,398	A	$9.92	83,318	D
Common Stock								12,500(1)	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. 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)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (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: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Common Stock Options	$9.92	11/02/2004		X			7,398	10/31/1997	12/22/2004	Common Stock	7,398	$0	0	D
Common Stock Options	$24.8125							10/31/1998(2)	10/30/2007	Common Stock	37,500		37,500	D
Common Stock Options	$17.3125							01/01/1999(3)	12/14/2007	Common Stock	26,250		26,250	D
Common Stock Options	$18.1563							01/28/2001(4)	01/27/2010	Common Stock	10,000		10,000	D
Common Stock Options	$26.8438							01/17/2002(4)	01/16/2011	Common Stock	10,000		10,000	D
Common Stock Options	$31.3							01/02/2003(4)	01/01/2012	Common Stock	10,000		10,000	D
Common Stock Options	$41.67							10/10/2004(4)	10/09/2013	Common Stock	10,000		10,000	D
Common Stock Options	$50.435							02/04/2005(4)	02/03/2014	Common Stock	10,000		10,000	D
Stock Purchase Agreement	$28.3							04/01/2002(5)	04/01/2006	Common Stock	5,796		6,658	D
Stock Purchase Agreement	$36.12							04/01/2003(6)	03/30/2007	Common Stock	2,182		6,546	D
Stock Purchase Agreement	$33.96							04/01/2004(7)	04/01/2008	Common Stock	2,366		9,464	D

Explanation of Responses:

1. Restricted shares held pursuant to the 2000 Stock Option and Restricted Stock Plan, with 12,500 shares vesting on 1/19/05.

2. 26,250 stock options are exercisable as of 11/2/04. 3,750 stock options become exercisable on 10/31/05. 7,500 stock options become exercisable on 10/31/06.

3. 15,750 stock options are exercisable as of 11/2/04. 2,625 stock options become exercisable on each of 1/1/05 and 1/1/06. 5,250 stock options become exercisable on 1/1/07.

4. These stock options vest over five years at 20% per annum on each anniversary of the grant date.

5. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1st of each year from 2005 through 2006, Mr. Levin will make purchases of LNR common stock. These purchases will total 6,658 shares.

6. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2005, March 31, 2006 and March 30, 2007, Mr. Levin will make purchases of LNR common stock. These purchases will total 6,546 shares.

7. Represents a signed purchase agreement under the 2001 Senior Officer Stock Purchase Plan. On April 1, 2005, March 31, 2006, March 30, 2007 and April 1, 2008, Mr. Levin will make purchases of LNR common stock. These purchases will total 9,464 shares.

	Steve Bjerke as Attorney-In-Fact	11/03/2004
	** Signature of Reporting Person	Date
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).
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