VORNADO REALTY TRUST — Director's Dealing 2016

Dec 9, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2016-12-07

Reporting Person: MACNOW JOSEPH (EVP - Finance, Chief Admin. Of)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-11-07	Common Shares	G	10000	—	Disposed	30000	Direct
2016-12-07	Common Shares	S	30000	$103.0898	Disposed	0	Direct
2016-12-08	Common Shares	S	10000	$102.6606	Disposed	5078	Indirect

Footnotes

F1: These Common Shares were a gift to Mr. Macnow's spouse.

F2: Common shares of beneficial interest, par value $.04 per share. After the gift, Mr. Macnow's spouse is the beneficial owner of 15,078 Common Shares of Vornado Realty Trust (the "Company").

F3: Represents weighted average sale price. These Common Shares were sold through the execution of a single market order at prices ranging between $102.90 and $103.38. 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 Company, or a security holder of the Company.

F4: Represents weighted average sale price. These Common Shares were sold through the execution of a single market order at prices ranging between $102.44 and $102.97. 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 Company, or a security holder of the Company.

F5: These Common Shares are held by Mr. Macnow's spouse. The filing of this Form 4 shall not be deemed an admission that Mr. Macnow is the beneficial owner of the Common Shares.