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Vornado Realty Trust (NYSE: VNO) grants 7,168 restricted units to director

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

Rhea-AI Filing Summary

Vornado Realty Trust director Daniel R. Tisch 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 class of operating partnership units that can later convert into 7,168 Class A Units.

Each Class A Unit is redeemable for cash or, at the company’s election, an equal number of Vornado common shares. The restricted units are not transferable, and any common shares ultimately issued must be held by Tisch until he is no longer a member of the Board of Trustees.

Positive

  • None.

Negative

  • None.
Insider TISCH DANIEL R
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 Grant of restricted units on May 21, 2026
Underlying common shares 7,168 shares Each restricted unit ultimately tied to one common share
Grant price per unit $0.00 per unit Equity award recorded with zero exercise price
Holdings after grant 7,168 restricted units Total restricted units following this transaction
Restricted Units financial
"the reporting person received a grant of restricted units (the "Restricted Units") of Vornado Realty L.P."
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
"redeemable by the holder for cash or, at the Company's election, common shares of beneficial interest"
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.
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.
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*
TISCH DANIEL R
(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 Daniel R. Tisch?

Vornado reported that director Daniel R. Tisch received 7,168 restricted units of Vornado Realty L.P. on May 21, 2026. These units are a form of equity-based compensation that can ultimately be converted into Class A Units and then into common shares or cash.

How many restricted units did Daniel R. Tisch receive from Vornado Realty Trust (VNO)?

Daniel R. Tisch received 7,168 restricted units of Vornado Realty L.P. in this grant. Each restricted unit is currently tied to an equivalent number of underlying common shares through future conversion and redemption steps defined by the partnership and company structure.

Do the restricted units granted to Daniel R. Tisch at Vornado (VNO) vest over time?

The restricted units granted to Daniel R. Tisch vest immediately upon grant. Although they vest right away, they remain non-transferable and are subject to specific conversion, redemption, and holding restrictions tied to his service on the Board of Trustees.

How can the restricted units granted by Vornado (VNO) ultimately be settled?

After certain events, the restricted units may convert into Class A Units of the operating partnership. Those Class A Units can be redeemed for cash or, at Vornado’s election, common shares on a one-for-one basis or the cash value of those shares.