Vornado EVP Converts 100,000 Units to Common Shares

Vornado Realty Trust executive Haim Chera converted partnership units into common shares, increasing his direct share holdings.

Rhea-AI Filing Summary

Vornado Realty Trust executive Haim Chera converted partnership units into common shares, increasing his direct share holdings. On May 6, 2026, the EVP – Head of Retail converted 100,000 Class A Units of Vornado Realty L.P. into 100,000 Common Shares of Vornado Realty Trust on a one-for-one basis.

Following the conversion, he directly holds 200,000 Common Shares and 148,913 Class A Units. This was a conversion of a derivative security, not an open‑market stock purchase or sale, and reflects a shift from partnership units into the company’s common equity.

Insider Trade Summary

100,000 shares exercised/converted

Exercise 2 txns

Insider Chera Haim

Role EVP - HEAD OF RETAIL

Type	Security	Shares	Price	Value
Conversion	Class A Units	100,000	$0.00	$0.00
Conversion	Common Shares	100,000	$0.00	$0.00

Holdings After Transaction: Class A Units — 148,913 contracts (Direct); Common Shares — 200,000 shares (Direct)

Footnotes (2)

1. F1. Common shares of beneficial interest, par value $.04 per share (the "Common Shares"), of Vornado Realty Trust ("the Company").
2. F2. Class A Units of Vornado Realty L.P. (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 right to convert Class A Units into Common Shares does not have an expiration date. A total of 100,000 Class A Units of the Operating Partnership were converted by the Reporting Person on a one-for-one basis into an equal number of shares of the Company's Common Shares.

Key Figures

Class A Units Converted: 100,000 units Common Shares Received: 100,000 shares Common Shares After Transaction: 200,000 shares +1 more

4 metrics

Class A Units Converted 100,000 units Converted into Common Shares on May 6, 2026

Common Shares Received 100,000 shares One-for-one conversion from Class A Units

Common Shares After Transaction 200,000 shares Direct holdings following the conversion

Class A Units After Transaction 148,913 units Remaining partnership units held directly

Key Terms

Class A Units, Common Shares, Conversion of derivative security, redeemable

4 terms

Class A Units financial

"Class A Units of Vornado Realty L.P. (the "Operating Partnership"), are redeemable by the holder for cash or, at the Company's election, common shares"

Class A units are a specific type of ownership stake in a company, fund, trust, or partnership that carries a defined set of rights—often different voting power, dividend priority, or fee arrangements—distinct from other classes of units. For investors they matter because those differences affect control, income and potential returns; think of two neighbors in the same building where one has a bigger say in decisions or a larger share of rental income.

Common Shares financial

"into an equal number of shares of the Company's Common Shares"

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

Conversion of derivative security financial

"transaction_code_description": "Conversion of derivative security""

redeemable financial

"are redeemable by the holder for cash or, at the Company's election, common shares"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Vornado Realty Trust (VNO) report for Haim Chera?

Vornado reported that EVP Haim Chera converted 100,000 Class A Units into 100,000 Common Shares. This was a derivative conversion, moving his position from partnership units into common stock rather than an open-market share purchase or sale.

How many Vornado (VNO) common shares does Haim Chera hold after this Form 4?

After the conversion, Haim Chera directly holds 200,000 Common Shares of Vornado Realty Trust. This reflects the addition of 100,000 shares received from converting Class A Units on a one-for-one basis into the company’s common equity.

What happened to Haim Chera’s Class A Units in Vornado Realty L.P. (VNO)?

Haim Chera converted 100,000 Class A Units of Vornado Realty L.P. into an equal number of Common Shares. After this transaction, he continues to hold 148,913 Class A Units, which remain redeemable on a one-for-one basis for cash or common shares.

Was the Vornado (VNO) insider transaction an open-market buy or sell?

No, the transaction was a conversion of a derivative security, not an open-market buy or sell. Class A Units were redeemed on a one-for-one basis into Common Shares, so it represents a change in form of ownership rather than a market trade.

How do Vornado (VNO) Class A Units convert into Common Shares?

Each Class A Unit of Vornado Realty L.P. is redeemable for cash or, at Vornado Realty Trust’s election, one Common Share or the cash value of that share. The right to convert these units into Common Shares does not have an expiration date.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/08/2026 - 04:30 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Chera Haim

(Last) (First) (Middle)

C/O VORNADO REALTY TRUST

888 7TH AVENUE

(Street)

NEW YORK NEW YORK 10019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
VORNADO REALTY TRUST [ VNO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP - HEAD OF RETAIL

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares(1)	05/06/2026		C		100,000	A	$0	200,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class A Units	(2)	05/06/2026		C			100,000(2)	(2)	(2)	Common Shares	100,000(2)	(2)	148,913	D

Explanation of Responses:

1. Common shares of beneficial interest, par value $.04 per share (the "Common Shares"), of Vornado Realty Trust ("the Company").

2. Class A Units of Vornado Realty L.P. (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 right to convert Class A Units into Common Shares does not have an expiration date. A total of 100,000 Class A Units of the Operating Partnership were converted by the Reporting Person on a one-for-one basis into an equal number of shares of the Company's Common Shares.

	/s/ Ryan Saum, Attorney-in-Fact	05/08/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)