Vornado director granted 7,168 restricted units

Vornado Realty Trust director Candace K. Beinecke received a grant of 7,168 restricted units of Vornado Realty L.P. on May 21, 2026.

Rhea-AI Filing Summary

Vornado Realty Trust director Candace K. Beinecke received a grant of 7,168 restricted units of Vornado Realty L.P. on May 21, 2026. These restricted units vest immediately and are a derivative form of compensation rather than an open-market purchase or sale.

The restricted units can, after certain events, be converted into an equivalent number of Class A Units of the operating partnership, which are redeemable for cash or, at the company’s election, common shares on a one-for-one basis. The units and any resulting common shares generally cannot be transferred while she serves on the Board of Trustees.

Insider Trade Summary

Grant/Award: 7,168 shares

Grant/Award 1 txn

Insider Beinecke Candace K

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Restricted Units	7,168	$0.00	$0.00

Holdings After Transaction: Restricted Units — 7,168 contracts (Direct)

Footnotes (2)

1. F1. 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. F2. 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.

Key Figures

Restricted units granted: 7,168 units Restricted units held after grant: 7,168 units Transaction price per unit: $0.00 per unit +1 more

4 metrics

Restricted units granted 7,168 units Grant of restricted units on May 21, 2026

Restricted units held after grant 7,168 units Total restricted units following transaction

Transaction price per unit $0.00 per unit Equity award with no cash paid by insider

Underlying common shares 7,168 shares Each restricted unit tied to one potential common share through conversions

Key Terms

Restricted Units, Operating Partnership, Class A Units, Common Shares

4 terms

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 financial

"common shares of beneficial interest, $0.04 par value per share (the "Common Shares") of the Company"

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.

FAQ

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

What insider transaction did Vornado Realty Trust (VNO) report for Candace K. Beinecke?

Candace K. Beinecke received a grant of 7,168 restricted units of Vornado Realty L.P. on May 21, 2026. These units are equity-based compensation, not an open-market trade, and can eventually link to Vornado Realty Trust common shares under specified conditions.

How many restricted units were granted to the Vornado (VNO) director in this Form 4?

The director was granted 7,168 restricted units of Vornado Realty L.P. This entire amount reflects new derivative equity compensation and results in 7,168 restricted units held following the transaction, with each unit tied to an equivalent potential underlying common share after conversions and redemptions.

Do the restricted units granted to the Vornado (VNO) director vest immediately?

Yes, the restricted units vest immediately upon grant. Although they vest at once, they are not transferable while the reporting person serves on the Board of Trustees, other than for conversions and redemptions described, which still require continued holding of any resulting common shares during board service.

Can Vornado (VNO) restricted units be converted into common shares for the director?

The restricted units can convert into Class A Units of the operating partnership after certain events. Those Class A Units are redeemable for cash or, at the company’s election, an equivalent number of common shares, giving potential future exposure to Vornado Realty Trust equity value.

Are the Vornado (VNO) director’s restricted units or resulting shares freely transferable?

The restricted units are not transferable while the director remains on the Board of Trustees, except in connection with conversion and redemption. Any common shares received through redemption must be held until the individual is no longer a board member, limiting near-term liquidity from this grant.

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

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Accepted by SEC EDGAR 05/22/2026 - 04:30 PM 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^*

Beinecke Candace K

(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)

X	Director		10% 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)

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

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
Restricted Units(1)	(1)	05/21/2026		A		7,168		(2)	(2)	Common Shares	7,168	(1)	7,168	D

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-Fact	05/22/2026
	** 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)