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 	  
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	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).			
1. Name and Address of Reporting Person*
SMITH ROBERT H	

(Last)	(First)	(Middle)	
888 SEVENTH 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) 
X	Director		10% Owner	
X	Officer (give title below)		Other (specify below)	
Chairman - Smith Division	
		
	3. Date of Earliest Transaction (Month/Day/Year)
03/01/2004 		
	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				
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(1) 	(2)	03/01/2004		W	V	4,423(3) 		(4) 	(4) 	Common Shares(5) 	4,423	(3)	205,344(6) 	I	By Spouse(18) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	1,052,251		1,052,251	I	By Corporation(7)(19) 	
Class A Units	(2)	03/01/2004		W	V	6,635(3) 		(8) 	(8) 	Common Shares	6,635	(3)	1,091,132	D		
Class A Units	(2)							(8) 	(8) 	Common Shares	208,398		208,398	I	By LLC(9)(19) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	1,032,311		1,032,311	I	By LLC(10)(19) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	5,330		5,330	I	By Spouse(11)(18)(20) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	115,039		115,039	I	By Spouse(12)(18)(20) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	34,717		34,717	I	By LP(13)(19) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	3,714		3,714	I	By Corporation(14)(19) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	24,367		24,367	I	By LLC(15)(19) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	2,213		2,213	I	By Corporation(16)(19) 	
Class A Units	(2)							(4) 	(4) 	Common Shares	3		3	I	By Corporation(17)(19) 	
Explanation of Responses:	
1. Class A units (Class A Units) of Vornado Realty L.P. (VRLP).	
2. Holders of Class A Units of VRLP have the right to have their Class A Units redeemed in whole or in part by VRLP for cash equal to the fair market value, at the time of redemption, of one common share of beneficial interest of Vornado Realty Trust (Vornado REIT) for each Class A Unit redeemed or, at the option of Vornado REIT, one such common share of beneficial interest for each Class A Unit tendered for redemption.	
3. Received from the estate of Steven C. Smith.	
4. These Class A Units are immediately redeemable. Such Class A Units were issued on 1/01/02, and, in the case of Mr. Smith and RCS-I LLC, subsequent issuances also were made on 7/01/02. Class A Units have no expiration date.	
5. Common shares of beneficial interest (Common Shares) of Vornado REIT.	
6. Mrs. Smith also owns other Class A Units indirectly through various entities as shown on this form. See footnotes 11 and 12.	
7. Mr. Smith's interest in these Class A Units is held by Charles E. Smith Management, Inc.	
8. Class A Units issued to Mr. Smith and RCS-II LLC pursuant to the Contribution Agreement among VRLP, Vornado REIT, the general partner of VRLP, CESC 2101 L Street L.L.C., 1100 21st Street Associates Limited Partnership, Mr. Smith and Mr. Ralph S. Dweck are redeemable on 7/31/04, and all other Class A Units (which were issued to Mr. Smith on 1/01/02 and 7/01/02 and to RCS-I LLC on 1/01/02) are immediately redeemable. Class A Units have no expiration date.	
9. Mr. Smith's interest in these Class A Units is held by RCS-II LLC.	
10. Mr. Smith's interest in these Class A Units is held by RCS-I LLC.	
11. Mrs. Smith's interest in these Class A Units is held by MC Associates.	
12. Mrs. Smith's interest in these Class A Units is held by MC II Associates.	
13. Mr. Smith's interest in these Class A Units is held by 1730 M Street Associates Limited Partnership.	
14. Mr. Smith's interest in these Class A Units is held by CESC Downtown Member, Inc.	
15. Mr. Smith's interest in these Class A Units is held by Charles E. Smith Commercial Realty L.L.C.	
16. Mr. Smith's interest in these Class A Units is held by Gateway III Inc.	
17. Mr. Smith's interest in these Class A Units is held by Park Four, Inc.	
18. Mr. Smith disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial of the securities for purposes of Section 16 or any other purpose.	
19. Mr. Smith disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein.	
20. Mrs. Smith disclaims beneficial ownership of these securities, except to the extent of her pecuniary interest therein.	
Remarks:	
	
	Robert H. Smith	03/03/2004	
	** 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.	
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