VORNADO REALTY TRUST — Director's Dealing 2015

Dec 2, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2015-11-30

Reporting Person: Beinecke Candace K (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2015-11-30	Phantom Units	$	A	339	Acquired		Common Shares (339)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1661.338	Direct

Footnotes

F1: Common shares of beneficial interest, par value $.04 per share (the "Common Shares"), of Vornado Realty Trust ("the Company"). The number of Common Sharesshown includes 572.943 shares acquired through the reporting individual's participation in the Company's Amended and Restated Dividend Reinvestment Plan.

F2: Conversion or exercise price of 1 for 1. The Phantom Units represent compensation deferred by the Reporting Person into interests held through the Vornado Realty Trust Nonqualified Deferred Compensation Plan that are valued with respect to the underlying security, which in this case is common shares of Vornado Realty Trust.

F3: The Phantom Units become payable in cash or the underlying security, to the Reporting Person commencing upon a distribution at a future date from the Vornado Realty TrustNonqualified Deferred Compensation Plan.