[Form 4] Vornado Realty Trust Insider Trading Activity

Rhea-AI Filing Summary

Chera Haim, EVP – Head of Retail at Vornado Realty Trust (VNO), reported a sale of 30,000 common shares. The sale was executed on 09/04/2025 at a weighted average price of $39.6396 per share, with transaction prices ranging from $39.61 to $39.705. After the reported sale the filing shows 0 common shares beneficially owned by the reporting person. The Form 4 provides the sale details and notes that more granular per-price quantities are available upon request.

Positive

• Timely disclosure of insider transaction under Section 16 requirements
• Detailed pricing provided: weighted average price and execution price range
• Post-transaction ownership explicitly reported as 0, clarifying current holdings

Negative

• Insider sold 30,000 shares, which may be viewed negatively by some investors
• No disclosure of a trading plan (e.g., 10b5-1) or reason for the sale in the filing

Insights

Corporate Governance Expert

TL;DR: Insider sale of 30,000 shares by an executive reported in compliance; no remaining reported beneficial ownership.

The filing documents a routine open-market disposition by a senior executive. The report supplies the weighted average price and the price range, and states post-transaction beneficial ownership as zero. From a governance perspective, timely and complete disclosure of the quantities and price range supports transparency. The form does not indicate any associated plan (e.g., 10b5-1) or reason for sale, and it notes that per-price share breakdowns will be provided upon request.

Securities Analyst

TL;DR: A material insider sale is recorded but lacks additional context; impact on valuation is likely neutral absent further information.

The sale of 30,000 shares at an average of $39.6396 is a definable change in insider holdings. The filing confirms the range of execution prices and reports zero shares retained by the reporting person. For investors, this is a factual disclosure of insider activity; the document itself contains no information on motives, hedging, or broader shareholding changes by other insiders.

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 NY 10019

(City) (State) (Zip)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/04/2025

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

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

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

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 Stock(1)	09/04/2025		S		30,000	D	$39.6396(2)	0	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

Explanation of Responses:

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

2. Represents weighted average sale price. These Common Shares were sold at prices ranging from $39.61 to $39.705, inclusive. Full information regarding the number of shares sold at each separate price within the range will be provided upon request by the Reporting Person to the staff of the Securities and Exchange Commission, the Company, or a security holder of the Company.

	/s/ Ryan Saum, Attorney-in-Fact	09/08/2025
	** 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.

FAQ

What insider transaction did VNO report for Chera Haim?

The Form 4 reports a sale of 30,000 common shares by Chera Haim, EVP – Head of Retail.

At what price were the VNO shares sold in this Form 4?

The shares were sold at a weighted average price of $39.6396, with execution prices ranging from $39.61 to $39.705.

How many VNO shares does the reporting person own after the transaction?

The Form 4 indicates the reporting person beneficially owned 0 common shares following the reported sale.

When was the transaction reported on the Form 4?

The transaction date listed in the filing is 09/04/2025.

Can I get a breakdown of how many shares were sold at each price?

Yes. The filing states that the full per-price share breakdown will be provided upon request to the SEC staff, the company, or a security holder.