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Vornado Realty (NYSE: VNO) awards trustee 7,168 restricted units

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Vornado Realty Trust director Mandakini Puri received an equity award of 7,168 restricted units on May 21, 2026. These Restricted Units are issued by Vornado Realty L.P., the company’s operating partnership, and are convertible into 7,168 Class A Units of the partnership after certain events.

Each Class A Unit can be redeemed for cash or, at the company’s election, for an equal number of common shares of beneficial interest with a par value of $0.04 per share. The Restricted Units vest immediately but cannot be transferred while Puri serves on the Board, other than through conversion and redemption, and any common shares received must be held until Board service ends.

Positive

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Insider Puri Mandakini
Role null
Type Security Shares Price Value
Grant/Award Restricted Units 7,168 $0.00 --
Holdings After Transaction: Restricted Units — 7,168 shares (Direct, null)
Footnotes (1)
  1. On May 21, 2026, 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 are convertible by the holder into an equivalent number of Class A Units of the Operating Partnership. Class A Units are redeemable by the holder for cash or, at the Company's election, common shares of beneficial interest, $0.04 par value per share (the "Common Shares") of the Company on a one for one basis or the cash value of such shares. These Restricted Units vest immediately. These units are not transferable until the reporting person is no longer serving as a member of the Company's Board of Trustees, other than in connection with a conversion of the Restricted Units to Class A Units and a redemption of such Class A Units for Common Shares. Any Common Shares issued in connection with such a redemption must be held by the reporting person until such person is no longer a member of the Company's Board of Trustees.
Restricted Units granted 7,168 units Equity award to director on May 21, 2026
Units after transaction 7,168 units Total Restricted Units held following grant
Conversion ratio 1:1 Each Restricted Unit to one Class A Unit, then one common share or cash equivalent
Common share par value $0.04 per share Par value of common shares of beneficial interest
Restricted Units financial
"the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P."
Operating Partnership financial
"Vornado Realty L.P. (the "Operating Partnership"), the Operating Partnership of Vornado Realty Trust"
An operating partnership is a separate legal entity set up to own and run a company’s core assets and day-to-day businesses, while investors hold interests indirectly through the parent company. Think of it like a dedicated garage that actually stores and services the cars while the owner keeps the dealership; it matters to investors because it affects how income, taxes, liability and voting rights are allocated and therefore can influence distributions and risk.
Class A Units financial
"convertible by the holder into an equivalent number of Class A Units of the Operating Partnership"
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 of beneficial interest financial
"common shares of beneficial interest, $0.04 par value per share (the "Common Shares") of the Company"
Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.
Board of Trustees financial
"until the reporting person is no longer serving as a member of the Company's Board of Trustees"
A board of trustees is a group of individuals responsible for overseeing and guiding the management of an organization, such as a nonprofit, university, or charity. They act like a steering committee, making important decisions to ensure the organization stays true to its mission and remains financially healthy. For investors, the board’s effectiveness can influence the organization’s stability and long-term success.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
Puri Mandakini
(Last)(First)(Middle)
C/O VORNADO REALTY TRUST
888 SEVENTH 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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/21/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(A) or (D)Price
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Units(1)(1)05/21/2026A7,168 (2) (2)Common Shares7,168(1)7,168D
Explanation of Responses:
1. On May 21, 2026, 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 are convertible by the holder into an equivalent number of Class A Units of the Operating Partnership. Class A Units are redeemable by the holder for cash or, at the Company's election, common shares of beneficial interest, $0.04 par value per share (the "Common Shares") of the Company on a one for one basis or the cash value of such shares.
2. These Restricted Units vest immediately. These units are not transferable until the reporting person is no longer serving as a member of the Company's Board of Trustees, other than in connection with a conversion of the Restricted Units to Class A Units and a redemption of such Class A Units for Common Shares. Any Common Shares issued in connection with such a redemption must be held by the reporting person until such person is no longer a member of the Company's Board of Trustees.
/s/ Ryan Saum, Attorney-in-Fact05/22/2026
** Signature of Reporting PersonDate
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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Vornado Realty Trust (VNO) report for Mandakini Puri?

Vornado Realty Trust reported that director Mandakini Puri received 7,168 restricted units as an equity award. These units were granted by Vornado Realty L.P. and represent a form of compensation linked to future conversion into Class A Units and potentially common shares.

How many restricted units did the Vornado (VNO) director receive and what is the effect on holdings?

Mandakini Puri received 7,168 Restricted Units, bringing her total reported restricted unit holdings to 7,168. These units are tied to future conversion into Class A Units and, upon redemption, may result in cash or an equivalent number of Vornado common shares.

What can Vornado (VNO) Restricted Units granted to Mandakini Puri be converted into?

The Restricted Units can be converted into an equivalent number of Class A Units of Vornado Realty L.P. After conversion, each Class A Unit is redeemable for cash or, at the company’s election, one common share of beneficial interest or the cash value of that share.

Do the Restricted Units granted to the Vornado (VNO) director vest immediately?

Yes, the Restricted Units granted to Mandakini Puri vest immediately upon grant. Despite immediate vesting, the units are not transferable while she serves on the Board, except through conversion and redemption mechanics described in the grant’s terms and related partnership structure.

Are common shares from the Vornado (VNO) Restricted Units freely tradable by the director?

Any common shares issued after converting the Restricted Units into Class A Units and redeeming them must be held by Mandakini Puri while she remains on the Board. This holding requirement limits her ability to dispose of those shares during her Board tenure.

What is the relationship between Vornado Realty Trust (VNO) and Vornado Realty L.P. in this grant?

The grant is issued by Vornado Realty L.P., the operating partnership of Vornado Realty Trust. Restricted Units in the partnership can become Class A Units, which are redeemable for cash or, at the company’s election, common shares of beneficial interest of Vornado Realty Trust on a one-for-one basis.