VORNADO REALTY TRUST — Director's Dealing 2012

Feb 28, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2012-02-24

Reporting Person: TISCH DANIEL R (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-02-24	Restricted Units	$	A	2966	Acquired		Common Shares (2966)	Direct

Footnotes

F1: On February 24, 2012, the reporting person received a grant of restricted units of Vornado Realty L.P. (the "Operating Partnership"), the Operating Partnership of Vornado Realty Trust (the "Company"). The restricted units are a class of units of the Operating Partnership that are convertible by the holder, into an equivalent number of Class A Units of the Operating Partnership, which are redeemable by the holder for Common Shares of the Company on a one-for-one basis or the cash value of such shares, at the Company's option.

F2: These Restricted Units vest immediately but generally are not transferable until the reporting person is no longer serving as a Board Member.