X0304 4 2012-01-06 0 0000899689 VORNADO REALTY TRUST VNO 0001246478 GREENBAUM DAVID R 888 SEVENTH AVENUE NEW YORK NY 10019 0 1 0 0 President - NY Office Division Common Shares 2012-01-06 4 M 0 39444 41.5241 A 136774 D Common Shares 2012-01-06 4 M 0 48211 41.285 A 184985 D Common Shares 2012-01-06 4 M 0 39557 41.4048 A 224542 D Common Shares 2012-01-06 4 F 0 95581 76.94 D 128961 D Common Shares 2012-01-06 4 S 0 20200 77.0648 D 108761 D Common Shares 2012-01-09 4 S 0 9800 77.2098 D 98961 D Common Shares 39030 I Held by Trust Common Shares 39030 I Held by Trust Common Shares 100000 I Held by grantor retained annuity trusts Options (Right to Buy) 41.5241 2012-01-06 4 M 0 39444 0 D 2003-01-28 2012-01-28 Common Shares 39444 0 D Options (Right to Buy) 41.285 2012-01-06 4 M 0 48211 0 D 2003-01-28 2012-01-28 Common Shares 48211 0 D Options (Right to Buy) 41.4048 2012-01-06 4 M 0 39557 0 D 2003-01-28 2012-01-28 Common Shares 39557 0 D Of these common shares of beneficial interest, par value $.04 per share (the "Common Shares") of Vornado Realty Trust (the "Company"), 3,424 are subject to restrictions on transfer imposed by Vornado Realty Trust of which 1,712 expire on March 31, 2012 and 1,712 expire on March 31, 2013. Represents weighted average sale price. These Common Shares were sold through the execution of a single market order at prices ranging between $77.00 and $77.19. 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. Represents weighted average sale price. These Common Shares were sold through the execution of a single market order at prices ranging between $77.08 and $77.31. 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. 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 except to the extent of his pecuniary interst therein. 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 except to the extent of his pecuniary interst therein. 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. Subsequent to his immediately preceding Form 4, Mr. Greenbaum transferred these 100,000 Common Shares to grantor retained annuity trusts. Previously, Mr. Greenbaum had reported such Common Shares as directly beneficially owned. /s/ Steven Santora, Attorney in Fact 2012-01-09