VORNADO REALTY TRUST — Director's Dealing 2014

Dec 23, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2014-12-22

Reporting Person: SCHEAR MITCHELL N (President - VNO/Smith Division)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-12-22	Common Shares	M	2998	$33.3709	Acquired	53395	Direct
2014-12-22	Common Shares	M	4185	$71.6415	Acquired	57580	Direct
2014-12-22	Common Shares	S	25000	$117.1586	Disposed	32580	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-12-22	Options (Right to Buy)	$33.3709	M	2998	Disposed	2019-02-27	Common Shares (2998)	Direct
2014-12-22	Options (Right to Buy)	$71.6415	M	4185	Disposed	2020-03-11	Common Shares (4185)	Direct

Footnotes

F1: Common Shares of beneficial interest, par value $.04 per share (the "Common Shares") of Vornado Realty Trust (the "Company").

F2: Represents weighted average sale price. These Common Shares were sold through the execution of a single market order at prices ranging between $117.03 and $117.35. 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.