X0304 4 2012-03-12 0 0000899689 VORNADO REALTY TRUST VNO 0001246489 SILVERSTEIN WENDY 888 SEVENTH AVENUE NEW YORK NY 10019 0 1 0 0 EVP - Capital Markets & Acq. Restricted Units 2012-03-12 4 M 0 3616 D Common Shares 3616 7232 D Restricted Units 2012-03-12 4 M 0 20669 D Common Shares 20669 20669 D Class A Units 2012-03-12 4 M 0 24285 A Common Shares 24285 31516 D On February 27, 2009 the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P. the "Operating Partnership"), the operating partnership of the Company. These Restricted Units are being converted into Class A Units on a one for one basis pursuant to their terms. These Restricted Units vest in equal portions over a five-year period. The initial vesting occured on March 1, 2010. On March 11, 2010 the reporting person received a grant of Restricted Units of the Operating Partnership. These Restricted Units are being converted into Class A Units on a one for one basis pursuant to their terms. These Restricted Units vest in equal portions over a four-year period. The initial vesting occured on February 28, 2011. Class A Units are redeemable by the holder for cash or, at the Company's election, Common Shares of the Company on a one for one basis or the cash value of such shares. These Class A Units are immediately redeemable (subject to certain limitations set forth in the Operating Partnership limited partnership agreement). Class A Units do not have expiration dates. /s/ Alan J. Rice, Attorney in Fact 2012-03-13