VORNADO REALTY TRUST — Director's Dealing 2016

Aug 22, 2016

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: VORNADO REALTY TRUST (VNO)
CIK: 0000899689
Period of Report: 2016-08-18

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2016-08-18	Common Shares	J	40000	—	Acquired	40000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2016-08-18	Class A Units	$	J	40000	Disposed		Common Shares (40000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	5078	Indirect

Footnotes

F1: Common Shares of beneficial interest, par value $.04 per share (the "Common Shares"), of Vornado Realty Trust were issued upon the redemption and tender of Class A units ("Class A Units") of Vornado Realty L.P. on a one for one basis.

F2: Class A Units may be redeemed at the election of the holder, in whole or in part for cash equal to the fair market value, at the time of redemption, of one Common Share for each Class A Unit redeemed or, or at the option of Vornado Realty Trust, one such Common Share for each Class A Unit tendered for redemption.

F3: These Class A Units are immediately redeemable (subject to certain limitations set forth in the Vornado Realty L.P.'s limited partnership agreement). Class A Units do not have expiration dates.

F4: 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 these Common Shares.