X0306 4 2014-11-26 0 0000899689 VORNADO REALTY TRUST VNO 0001578708 Theriot Stephen W. C/O VORNADO REALTY TRUST 888 7TH AVENUE NEW YORK NY 10019 0 1 0 0 Chief Financial Officer Common Shares 3242.705 D Phantom Units 2014-11-26 4 A 0 9 110.9992 A Common Shares 9 1434 D Common shares of beneficial interest, par value $.04 per share (the "Common Shares"), of Vornado Realty Trust ("the Company"). The number of Common Shares shown includes 65.34 shares acquired through the reporting individual's participation in the Company's Ammended and Restated Dividend Reinvestment Plan. Conversion or exercise price of 1 for 1. The Phantom Units represent compensation deferred by the Reporting Person into interests held through the Vornado Realty Trust Nonqualified Deferred Compensation Plan that are valued with respect to the underlying security, which in this case is common shares of Vornado Realty Trust. The Phantom Units become payable in cash or the underlying security, to the Reporting Person commencing upon a distribution at a future date from the Vornado Realty Trust Nonqualified Deferred Compensation Plan. /s/ Alan J. Rice, Attorney in Fact 2014-12-01