X0306 4 2016-01-14 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 Restricted Units 2016-01-14 4 A 0 5917 A Common Shares 5917 5917 D On January 14, 2016, the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership of Vornado Realty Trust ("the Company''). The Restricted Units are a class of units of the Operating Partnership that following the occurrence of certain events and upon vesting are convertible by the holder into an equivalent number of Class A Units of the Operating Partnership ("Class A Units"). Class A Units of the Operating Partnership 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. The Restricted Units vest in equal portions over a four-year period with the initial vesting occurring on January 10, 2017. /s/ Steven S Santora, Attorney in Fact 2016-01-19