VORNADO REALTY TRUST — Director's Dealing 2014

Jul 2, 2014

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2014-06-30

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2014-06-30	Common Shares	M	7391	$69.3752	Acquired	57788	Direct
2014-06-30	Common Shares	S	7391	$106.3049	Disposed	50397	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2014-06-30	Options (Right to Buy)	$69.3752	M	7391	Disposed	2015-02-08	Common Shares (7391)	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 $106.24 and $106.36. 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.