VORNADO REALTY TRUST — Director's Dealing 2012

Jan 9, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2012-01-06

Reporting Person: GREENBAUM DAVID R (President - NY Office Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-01-06	Common Shares	M	39444	$41.5241	Acquired	136774	Direct
2012-01-06	Common Shares	M	48211	$41.285	Acquired	184985	Direct
2012-01-06	Common Shares	M	39557	$41.4048	Acquired	224542	Direct
2012-01-06	Common Shares	F	95581	$76.94	Disposed	128961	Direct
2012-01-06	Common Shares	S	20200	$77.0648	Disposed	108761	Direct
2012-01-09	Common Shares	S	9800	$77.2098	Disposed	98961	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-01-06	Options (Right to Buy)	$41.5241	M	39444	Disposed	2012-01-28	Common Shares (39444)	Direct
2012-01-06	Options (Right to Buy)	$41.285	M	48211	Disposed	2012-01-28	Common Shares (48211)	Direct
2012-01-06	Options (Right to Buy)	$41.4048	M	39557	Disposed	2012-01-28	Common Shares (39557)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	39030	Indirect
Common Shares	39030	Indirect
Common Shares	100000	Indirect

Footnotes

F1: Of these common shares of beneficial interest, par value $.04 per share (the "Common Shares") of Vornado Realty Trust (the "Company"), 3,424 are subject to restrictions on transfer imposed by Vornado Realty Trust of which 1,712 expire on March 31, 2012 and 1,712 expire on March 31, 2013.

F2: Represents weighted average sale price. These Common Shares were sold through the execution of a single market order at prices ranging between $77.00 and $77.19. Full information regarding the number of shares sold at each separate price will be provided upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

F3: Represents weighted average sale price. These Common Shares were sold through the execution of a single market order at prices ranging between $77.08 and $77.31. Full information regarding the number of shares sold at each separate price will be provided upon request by the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.

F4: These Common Shares are held by a trust for the benefit of Jessica Greenbaum, Mr. Greenbaum's daughter, Mr. Greenbaum disclaims beneficial ownership of these common shares except to the extent of his pecuniary interst therein.

F5: These Common Shares are held by a trust for the benefit of Allison Greenbaum, Mr. Greenbaum's daughter, Mr. Greenbaum disclaims beneficial ownership of these common shares except to the extent of his pecuniary interst therein.

F6: These Common Shares are held in grantor retained annuity trusts. The filing of this Form 4 shall not be deemed an admission that Mr. Greenbaum is the beneficial owner of these Common Shares.

F7: Subsequent to his immediately preceding Form 4, Mr. Greenbaum transferred these 100,000 Common Shares to grantor retained annuity trusts. Previously, Mr. Greenbaum had reported such Common Shares as directly beneficially owned.