SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
----------------------
AMENDMENT NO. 3
TO
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Rule 13d-101)
----------------------
LNR PROPERTY CORPORATION
(Name of Issuer)
--------------------------
COMMON STOCK, PAR VALUE $0.10 PER SHARE
(Title of Class of Securities)
--------------------------
501940100
(CUSIP Number)
--------------------------
DAVID W. BERNSTEIN, ESQ.
CLIFFORD CHANCE US LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
(212) 878-8000
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
--------------------------
MARCH 22, 2004
(Date of Event Which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ].
Page 1 of 12
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CUSIP No. 501940100 13D Page 2 of 12 Pages
------------------- ------------------
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
MFA LIMITED PARTNERSHIP
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 7,855,297
OWNED BY ----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH ----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
7,855,297
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
7,855,297
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
26.9%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
Page 2 of 12
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CUSIP No. 501940100 13D Page 3 of 12 Pages
------------------- ------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
LMM FAMILY CORP.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 9,304,497
OWNED BY ----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH ----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
9,304,497
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,304,497
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.8%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
Page 3 of 12
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CUSIP No. 501940100 13D Page 4 of 12 Pages
------------------- ------------------
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1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
MARITAL TRUST I CREATED UNDER AMENDED AND RESTATED REVOCABLE TRUST
AGREEMENT DATED JUNE 8, 2001
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 9,304,497
OWNED BY ----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH ----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
9,304,497
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9,304,497
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
31.8%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
OO
--------------------------------------------------------------------------------
Page 4 of 12 Pages
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CUSIP No. 501940100 13D Page 5 of 12 Pages
------------------- ------------------
--------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSON
THE MILLER CHARITABLE FUND, L.P.
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCES OF FUNDS
NOT APPLICABLE
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e) [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
--------------------------------------------------------------------------------
7. SOLE VOTING POWER
----------------------------------------------------------------
NUMBER OF 8. SHARED VOTING POWER
SHARES
BENEFICIALLY 1,449,200
OWNED BY ----------------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH ----------------------------------------------------------------
10. SHARED DISPOSITIVE POWER
1,449,200
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,449,200
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
Page 5 of 12 Pages
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
Item 5 is amended by adding at the end of the text responding to paragraphs (a)
and (b) the following:
On March 22, 2004, the Partnership transferred 333,333 shares of common
stock to The L.M. Jeffrey Miller Irrevocable Trust u/a 6/25/98. Therefore, for
purposes of Section 13 under the Securities Exchange Act of 1934, as amended,
(i) the Partnership is the beneficial owner, with shared voting and dispositive
power, with regard to a total of 7,855,297 shares of common stock of the
Company, (ii) the Fund is the beneficial owner, with shared voting and
dispositive power, with regard to a total of 1,449,200 shares of common stock of
the Company, and (iii) each of the Corporation and Marital Trust I is the
beneficial owner, with shared voting and dispositive power, with regard to a
total of 9,304,497 shares of common stock of the Company. Stuart Miller, who
also is the beneficial owner of those 9,304,497 shares of common stock of the
Company, has reported his ownership on a separate Schedule 13D.
Giving effect to the conversion into common stock of all the shares of
Class B Common Stock beneficially owned, respectively, by the Partnership, the
Fund, the Corporation and Marital Trust I, and based upon the information as to
outstanding shares contained in the Company's Annual Report on Form 10-K for the
fiscal year ended November 30, 2003 (19,924,051 shares of common stock), (i) the
shares of common stock of which the Partnership is the beneficial owner
constitute 26.9% of the outstanding shares of common stock, (ii) the shares of
common stock of which the Fund is the beneficial owner constitute 5.0% of the
outstanding shares of common stock, and (iii) the shares of common stock of
which each of the Corporation and Marital Trust I is the beneficial owner
constitute 31.8% of the outstanding shares of common stock.
Each share of Class B Common Stock entitles the holder to cast 10
votes, while each share of common stock entitles the holder to cast one vote.
Therefore, the 9,304,497 shares of Class B Common Stock with regard to which the
Corporation and Marital Trust I have shared voting power entitles the holder to
cast a total of 93,044,970 votes, which is 79.1% of all the votes that may be
cast at a meeting of the Company's stockholders.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A - - Amended Joint Filing Agreement dated March 24, 2004.
Page 6 of 12 Pages
SIGNATURE
After reasonable inquiry and to the best of knowledge and belief, I certify that
the information set forth in this statement is true, complete and correct.
Dated: March 24, 2004
MARITAL TRUST I UNDER LEONARD MILLER
AMENDED AND RESTATED REVOCABLE TRUST
AGREEMENT DATED JUNE 8, 2001
By /s/ Stuart A. Miller
--------------------------
Stuart A. Miller, Trustee
LMM FAMILY CORPORATION
By /s/ Stuart A. Miller
--------------------------
Stuart A. Miller, President
MFA LIMITED PARTNERSHIP
By LMM FAMILY CORPORATION, General Partner
By /s/ Stuart A. Miller
--------------------------
Stuart A. Miller, President
THE MILLER CHARITABLE FUND, L.P.
By: LMM Family Corp.
its Sole General Partner
By /s/ Stuart A. Miller
--------------------------
Name: Stuart A. Miller
Title: President
Page 7 of 12 Pages