VORNADO REALTY TRUST — Director's Dealing 2015

Jun 2, 2015

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2015-05-29

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2015-05-29	Common Shares	J	11521	—	Disposed	70844	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	114978	Direct
Common Shares	19781	Indirect
Common Shares	39030	Indirect
Common Shares	14930	Indirect

Footnotes

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

F2: The decrease of 36,242 Common Shares previously reported is attributable to distributions in accordance with the requirements of the applicable grantor retained annuity trusts.

F3: 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. The increase of 24,721 Common Shares held in grantor retained annuity trusts since Mr. Greenbaum's immediately preceding Form 4 filing is attributable to contributions and distributions from the applicable grantor retained annuity trusts.

F4: These Common Shares are held by the David Greenbaum Family Trust. Mr. Greenbaum disclaims beneficial ownership of these Common Shares.

F5: 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.

F6: 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.

F7: These Common Shares were distributed to the David Greenbaum Familty Trust in accordance with the requirements of the applicable grantor retained annuity trusts.