X0306 4 2016-05-04 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 2016-05-04 4 M 0 1767 D Common Shares 1767 1768 D Class A Units 2016-05-04 4 M 0 1767 A Common Shares 1767 1767 D On January 10, 2014 the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P. (the "Operating Partnership"), the operating partnership ofthe Issuer. These Restricted Units are being converted into Class A Units of the Operating Partnership ("Class A Units") on a one for one basis pursuant to their terms. Class A Units areredeemable (subject to certain limitations set forth in the Operating Partnership limited partnership agreement) by the holder for cash or, at the issuer's election, Common Shares of theIssuer on a one for one basis or the cash value of such shares. These Restricted Units vested in equal portions over a four-year period. The initial vesting occurred on January 10, 2015. Class A Units are redeemable (subject to certain limitations set forth in the Operating Partnership limited partnership agreement)by the holder for cash or, at the issuer's election, CommonShares of the issuer 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) by the holder for cash or, at theissuer'selection, Common Shares of the Issuer on a one for one basis or the cash value of such shares. Class A Units do not have expiration dates. /s/ Steven S Santora, Attorney in Fact 2016-05-06