FBR Initiates Coverage of LNR Property Corporation

Apr 12, 2001, 01:00 ET from Friedman, Billings, Ramsey Group, Inc.

    ARLINGTON, Va., April 12 /PRNewswire/ -- Friedman, Billings, Ramsey & Co.,
 Inc. -- a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) --
 today initiated coverage of LNR Property Corporation (NYSE:   LNR) with a "Buy"
 rating and a 12-month price target of $40 per share.
     In the 12-page report, Senior Real Estate Analyst Merrill Ross identified
 LNR as an undervalued investor and developer of real estate, with a rare
 combination of capital and expertise.  With income-producing properties and
 investment securities that appreciate over time, LNR has created value both on
 and off its balance sheet.  The company has a solid track record of leveraging
 its expertise in real estate appraisal and management and, since its spin-off
 from Lennar Corporation (NYSE:   LEN) in 1997, has posted a 38 percent compound
 annual rate of growth in net income, Ms. Ross said.
     "We believe that LNR will continue to deliver high returns on invested
 capital and sustain earnings growth in the 15 percent to 18 percent range over
 the next two years," Ms. Ross said.  "LNR's investments in assets that
 appreciate over time appear off its balance sheet and will, therefore, not be
 recognized until the company's securities mature or until its properties
 stabilize and are sold.  We believe the shares of LNR are undervalued relative
 to this value creation off-balance sheet and relative to the company's
 historic and prospective earnings growth."
     LNR Property Corporation, headquartered in Miami, Fl., is a real estate
 investment, finance, and management company, which structures and makes real
 estate investments.  LNR was formed by Lennar in June 1997 to separate LEN's
 real estate investment, finance and management business from its homebuilding
 business.  On October 31, 1997, LEN distributed the stock of LNR to Lennar's
 stockholders in a tax-free spin-off.
     LNR Property Corporation closed last night at $27.49 per share.
     For a complete copy of this report, please visit http://www.fbr.com, or
 contact your FBR institutional salesperson.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) -- the parent company
 of Friedman, Billings, Ramsey & Co., Inc. -- is a financial holding company
 for investment banking, institutional brokerage, specialized asset management,
 and banking products and services.  FBR provides capital and financial
 expertise throughout a company's lifecycle and affords investors access to a
 range of proprietary financial products and services.  Headquartered in the
 Washington metropolitan area, FBR has offices in Arlington and Reston, Va.,
 Bethesda, Md., Boston, Charlotte, Chicago, Cleveland, Dallas, Irvine, Ca., New
 York City, Portland, Seattle, London, and Vienna. For more information, see
 http://www.fbr.com .
 
     Additional information on the securities mentioned in this report is
 available upon request.  This report is based on data obtained from sources we
 believe to be reliable, but is not guaranteed as to accuracy and does not
 purport to be complete.  Because of individual client objectives, this report
 should not be construed as advice designed to meet the particular investment
 needs of any investor.  Any opinions expressed herein are subject to change.
 This report is not to be construed as an offer or the solicitation of an offer
 to buy or sell the securities herein mentioned.  The analysts in this report
 may at one time have a long or short position in the securities mentioned in
 this report.  From time to time, this firm, its affiliated entities and/or
 their respective directors, officers, employees or members of their immediate
 families may have a long or short position in the securities mentioned in this
 report.  These securities may be sold to or purchased from customers or
 otherwise by this firm, its affiliated entities, and/or its directors,
 officers, employees or members of their immediate families, as principal or
 agent.
 
     Friedman, Billings, Ramsey Group, Inc. is a member of the National
 Association of Securities Dealers, CRD number 25027.
 
 

SOURCE Friedman, Billings, Ramsey Group, Inc.
    ARLINGTON, Va., April 12 /PRNewswire/ -- Friedman, Billings, Ramsey & Co.,
 Inc. -- a subsidiary of Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) --
 today initiated coverage of LNR Property Corporation (NYSE:   LNR) with a "Buy"
 rating and a 12-month price target of $40 per share.
     In the 12-page report, Senior Real Estate Analyst Merrill Ross identified
 LNR as an undervalued investor and developer of real estate, with a rare
 combination of capital and expertise.  With income-producing properties and
 investment securities that appreciate over time, LNR has created value both on
 and off its balance sheet.  The company has a solid track record of leveraging
 its expertise in real estate appraisal and management and, since its spin-off
 from Lennar Corporation (NYSE:   LEN) in 1997, has posted a 38 percent compound
 annual rate of growth in net income, Ms. Ross said.
     "We believe that LNR will continue to deliver high returns on invested
 capital and sustain earnings growth in the 15 percent to 18 percent range over
 the next two years," Ms. Ross said.  "LNR's investments in assets that
 appreciate over time appear off its balance sheet and will, therefore, not be
 recognized until the company's securities mature or until its properties
 stabilize and are sold.  We believe the shares of LNR are undervalued relative
 to this value creation off-balance sheet and relative to the company's
 historic and prospective earnings growth."
     LNR Property Corporation, headquartered in Miami, Fl., is a real estate
 investment, finance, and management company, which structures and makes real
 estate investments.  LNR was formed by Lennar in June 1997 to separate LEN's
 real estate investment, finance and management business from its homebuilding
 business.  On October 31, 1997, LEN distributed the stock of LNR to Lennar's
 stockholders in a tax-free spin-off.
     LNR Property Corporation closed last night at $27.49 per share.
     For a complete copy of this report, please visit http://www.fbr.com, or
 contact your FBR institutional salesperson.
 
     Friedman, Billings, Ramsey Group, Inc. (NYSE:   FBR) -- the parent company
 of Friedman, Billings, Ramsey & Co., Inc. -- is a financial holding company
 for investment banking, institutional brokerage, specialized asset management,
 and banking products and services.  FBR provides capital and financial
 expertise throughout a company's lifecycle and affords investors access to a
 range of proprietary financial products and services.  Headquartered in the
 Washington metropolitan area, FBR has offices in Arlington and Reston, Va.,
 Bethesda, Md., Boston, Charlotte, Chicago, Cleveland, Dallas, Irvine, Ca., New
 York City, Portland, Seattle, London, and Vienna. For more information, see
 http://www.fbr.com .
 
     Additional information on the securities mentioned in this report is
 available upon request.  This report is based on data obtained from sources we
 believe to be reliable, but is not guaranteed as to accuracy and does not
 purport to be complete.  Because of individual client objectives, this report
 should not be construed as advice designed to meet the particular investment
 needs of any investor.  Any opinions expressed herein are subject to change.
 This report is not to be construed as an offer or the solicitation of an offer
 to buy or sell the securities herein mentioned.  The analysts in this report
 may at one time have a long or short position in the securities mentioned in
 this report.  From time to time, this firm, its affiliated entities and/or
 their respective directors, officers, employees or members of their immediate
 families may have a long or short position in the securities mentioned in this
 report.  These securities may be sold to or purchased from customers or
 otherwise by this firm, its affiliated entities, and/or its directors,
 officers, employees or members of their immediate families, as principal or
 agent.
 
     Friedman, Billings, Ramsey Group, Inc. is a member of the National
 Association of Securities Dealers, CRD number 25027.
 
 SOURCE  Friedman, Billings, Ramsey Group, Inc.