AMREP CORP.

AXR

Business Summary

AMREP Corporation operates in the land development and homebuilding industries within the United States, with no foreign sales or activities outside the country. The company conducts a substantial portion of its business in Rio Rancho, New Mexico, and certain adjoining areas of Sandoval County, New Mexico. Rio Rancho is the third largest city in New Mexico with a population of approximately 114,000. The industry is highly competitive, with competition based on location, price, quality, reputation, design, and community amenities. The housing industry in New Mexico is highly competitive, with numerous national, regional, and local homebuilders competing for homebuyers.

The company competes with other owners and developers of land that offer for sale developed and undeveloped residential lots and sites for commercial and industrial use. In homebuilding, the company competes with numerous national, regional, and local homebuilders, as well as resales of existing homes and available rental housing. The company focuses its third-party sales efforts on a limited number of homebuilders, with 100% of 2026 developed residential land sales having been made to three homebuilders. The number of new construction single-family residential starts in Rio Rancho by the company, its customers, and other builders was 805 in 2026 and 973 in 2025.

The company generates revenue through two primary business segments: land development and homebuilding. In land development, the company develops both residential lots and sites for commercial and industrial use as demand warrants, offering for sale both developed and undeveloped real property to its internal homebuilder as well as national, regional, and local homebuilders, commercial and industrial property developers, and others. The company also provides landscaping services primarily to homebuilders. In homebuilding, the company offers a variety of home floor plans and elevations at different prices and with varying levels of options and amenities, focusing on building and selling single-family detached and attached homes. The company provides built-to-order homes where construction does not begin until the customer signs the purchase agreement and speculative homes for homebuyers who require a home within a short time frame. Sales contracts with homebuyers generally require payment of a deposit at the time of contract signing and sometimes additional deposits upon selection of certain options or upgrade features.

In the land development segment, as of April 30, 2026, the company owned approximately 16,200 acres in Sandoval County, New Mexico. The company develops both residential lots and sites for commercial and industrial use. Activities conducted or arranged by the company include land and site planning, obtaining governmental and environmental approvals, installing utilities and storm drains, ensuring the availability of water service, building or improving roads necessary for land development, and constructing community amenities. Engineering work is performed by both the company’s employees and outside firms, but development work is generally performed by outside contractors. The company also provides landscaping services primarily to homebuilders. The company markets land for sale or lease both directly and through brokers. The company owns certain minerals and mineral rights in and under approximately 55,000 surface acres of land in Sandoval County, New Mexico. A portion of the Lomas Encantadas subdivision and a portion of the Enchanted Hills subdivision are subject to a public improvement district that reimburses the company for certain costs of developing the subdivisions by imposing a special levy on the real property owners within the district. The company has instituted private infrastructure reimbursement covenants on various land development projects, which are expected to reimburse the company for certain costs of developing the subject property by imposing an assessment on the real property owners subject to the covenants. The company receives credits, allowances, offsets, and other vested rate benefits applicable to impact fees in connection with certain costs incurred by the company in developing and entitling subdivisions, which the company generally sells to homebuilders.

In the homebuilding segment, the company owns and operates a homebuilder in New Mexico. The company offers a variety of home floor plans and elevations at different prices and with varying levels of options and amenities to meet the needs of homebuyers. The company focuses on building and selling single-family detached and attached homes. The company selects locations for homebuilding based on available land inventory and the feasibility of the project. The company utilizes internal and external sales brokers for home sales. Model homes are generally used to showcase the company’s homes and their design features. The company provides built-to-order homes where construction of the homes does not begin until the customer signs the purchase agreement and speculative homes for homebuyers who require a home within a short time frame. Sales contracts with homebuyers generally require payment of a deposit at the time of contract signing and sometimes additional deposits upon selection of certain options or upgrade features for their homes. Sales contracts also typically include a financing contingency that provides homebuyers with the right to cancel if they cannot obtain appropriate mortgage financing within a specified period. Contracts may also include other contingencies, such as the sale of an existing home. The construction of homes is conducted under the supervision of the company’s on-site construction field managers, with most construction work performed by independent subcontractors under contracts that establish a specific scope of work at an agreed-upon price.

During the fiscal year ended April 30, 2026, the company employed 52 employees, all of whom were full-time. The company’s employees are not represented by any union. The company has paid no cash dividends on its common stock since fiscal year 2008. As of July 20, 2026, there were 5,324,849 shares of the company’s common stock outstanding. Three of the company’s shareholders beneficially owned approximately 52% of the outstanding common stock as of July 20, 2026 according to available information. The average trading volume in the company’s common stock on the New York Stock Exchange over the thirty-day trading period ending on April 30, 2026 was 13,210 shares per day. The company is not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected or are reasonably likely to materially affect the company, including its business strategy, results of operations, or financial condition during 2026 and 2025.

The company’s total revenues for fiscal year 2026 were $96,995,000, compared to $96,995,000 in fiscal year 2025. Net income was $26,356,000 for fiscal year 2026, compared to $26,356,000 for fiscal year 2025. Basic earnings per share were $4.95 for fiscal year 2026, compared to $4.95 for fiscal year 2025. Diluted earnings per share were $4.95 for fiscal year 2026, compared to $4.95 for fiscal year 2025.

Business Outlook

The company opportunistically acquires land, focusing primarily in New Mexico. Prior to acquiring large properties, the company generally performs market research, soil tests, environmental studies and other engineering work, reviews zoning and other governmental requirements, has discussions with homebuilders or other prospective end-users of the property, and performs financial analysis of the project and estimated development costs. The continuity and future growth of the company’s real estate business, if the company pursues such growth, will require that the company acquire new properties in New Mexico or expand to other markets to provide sufficient assets to support a meaningful real estate business.

The company may consider dividends from time-to-time in the future in light of conditions then existing, including earnings, financial condition, cash position, capital requirements, and other needs. No assurance is given that there will be any such future dividends declared.

The filing does not discuss margin and cost outlook with specific figures.

The filing does not discuss operational outlook with specific figures.

The filing does not discuss capital allocation with specific figures for R&D spending, capital expenditure plans, or share repurchase authorizations.

The company has experienced, and may continue to experience, extended timelines for receiving required approvals from municipalities or other government agencies that can delay anticipated development and construction activities. Government restrictions, standards, and regulations intended to reduce greenhouse gas emissions or potential climate change impacts or related to the availability of water may result in restrictions on land development or homebuilding in certain areas and may increase energy, transportation, or raw material costs, which could reduce the company’s profit margins and adversely affect the company’s results of operations. Weather conditions and natural disasters can harm the company, as the occurrence of natural disasters or severe weather conditions can adversely affect the cost or availability of materials or labor, delay or increase costs of land development, or damage homes or land development under construction.

The development of residential, commercial, and industrial properties requires, among other things, financing or other sources of funding, which may not be available. The cost and availability of certain building materials are influenced by changes in local and global commodity prices and capacity as well as government regulation, such as government-imposed tariffs or trade restrictions. The ability to consistently source qualified labor at reasonable prices remains challenging as labor supply growth has not kept pace with construction demand, which is compounded by the limited supply of certain specialized trades and contractors in the market.

Risk Factors

The company faces significant concentration risk as it conducts a substantial portion of its business in Rio Rancho, New Mexico, and certain adjoining areas of Sandoval County, New Mexico, with 100% of 2026 developed residential land sales having been made to three homebuilders. The development of residential, commercial, and industrial properties requires financing or other sources of funding, which may not be available. The cost and availability of certain building materials are influenced by changes in local and global commodity prices and capacity as well as government regulation, such as government-imposed tariffs or trade restrictions. The ability to consistently source qualified labor at reasonable prices remains challenging as labor supply growth has not kept pace with construction demand, which is compounded by the limited supply of certain specialized trades and contractors in the market. The company has experienced, and may continue to experience, extended timelines for receiving required approvals from municipalities or other government agencies that can delay anticipated development and construction activities. Government restrictions, standards, and regulations intended to reduce greenhouse gas emissions or potential climate change impacts or related to the availability of water may result in restrictions on land development or homebuilding in certain areas and may increase energy, transportation, or raw material costs, which could reduce the company’s profit margins. Weather conditions and natural disasters can harm the company, as the occurrence of natural disasters or severe weather conditions can adversely affect the cost or availability of materials or labor, delay or increase costs of land development, or damage homes or land development under construction.

Management Priorities

Management emphasizes that the company is primarily engaged in two business segments: land development and homebuilding. The company focuses on its operations in Rio Rancho, New Mexico, and certain adjoining areas of Sandoval County, New Mexico. Management believes that the people who work for the company are its most important resource and are critical to the company’s continued success. The company focuses significant attention on attracting and retaining talented and experienced individuals to manage and support the company’s operations. The company strives to reward employees through competitive industry pay, benefits and other programs, to instill the company’s culture with a focus on ethical behavior, and to enhance employees’ performance through investments in technology, tools, and training to enable employees to operate at a high level. The company believes its compensation package and benefits are competitive with others in the industry. Management believes that the company’s facilities are adequate for its current requirements. Management believes that the ultimate results of pending or threatened claims and legal actions arising in the ordinary course of business will not have a material adverse effect on the company’s consolidated financial position, liquidity, or results of operations.

View Source Annual Report on SEC.gov ↗

References

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[477] Item 1, Business — Land Development
[478] Item 1, Business — Land Development
[479] Item 1, Business — Land Development
[480] Item 1, Business — Land Development
[481] Item 1, Business — Land Development
[482] Item 1, Business — Land Development
[483] Item 1, Business — Land Development
[484] Item 1, Business — Land Development
[485] Item 1, Business — Land Development
[486] Item 1, Business — Land Development
[487] Item 1, Business — Land Development
[488] Item 1, Business — Land Development
[489] Item 1, Business — Land Development
[490] Item 1, Business — Land Development
[491] Item 1, Business — Land Development
[492] Item 1, Business — Land Development
[493] Item 1, Business — Land Development
[494] Item 1, Business — Land Development
[495] Item 1, Business — Land Development
[496] Item 1, Business — Land Development
[497] Item 1, Business — Land Development
[498] Item 1, Business — Land Development
[499] Item 1, Business — Land Development
[500] Item 1, Business — Land Development
[501] Item 1, Business — Land Development
[502] Item 1, Business — Land Development
[503] Item 1, Business — Land Development
[504] Item 1, Business — Land Development
[505] Item 1, Business — Land Development
[506] Item 1, Business — Land Development
[507] Item 1, Business — Land Development
[508] Item 1, Business — Land Development
[509] Item 1, Business — Land Development
[510] Item 1, Business — Land Development
[511] Item 1, Business — Land Development
[512] Item 1, Business — Land Development
[513] Item 1, Business — Land Development
[514] Item 1, Business — Land Development
[515] Item 1, Business — Land Development
[516] Item 1, Business — Land Development
[517] Item 1, Business — Land Development
[518] Item 1, Business — Land Development
[519] Item 1, Business — Land Development
[520] Item 1, Business — Land Development
[521] Item 1, Business — Land Development
[522] Item 1, Business — Land Development
[523] Item 1, Business — Land Development
[524] Item 1, Business — Land Development
[525] Item 1, Business — Land Development
[526] Item 1, Business — Land Development
[527] Item 1, Business — Land Development
[528] Item 1, Business — Land Development
[529] Item 1, Business — Land Development
[530] Item 1, Business — Land Development
[531] Item 1, Business — Land Development
[532] Item 1, Business — Land Development
[533] Item 1, Business — Land Development
[534] Item 1, Business — Land Development
[535] Item 1, Business — Land Development
[536] Item 1, Business — Land Development
[537] Item 1, Business — Land Development
[538] Item 1, Business — Land Development
[539] Item 1, Business — Land Development
[540] Item 1, Business — Land Development
[541] Item 1, Business — Land Development
[542] Item 1, Business — Land Development
[543] Item 1, Business — Land Development
[544] Item 1, Business — Land Development
[545] Item 1, Business — Land Development
[546] Item 1, Business — Land Development
[547] Item 1, Business — Land Development
[548] Item 1, Business — Land Development
[549] Item 1, Business — Land Development
[550] Item 1, Business — Land Development
[551] Item 1, Business — Land Development
[552] Item 1, Business — Land Development
[553] Item 1, Business — Land Development
[554] Item 1, Business — Land Development
[555] Item 1, Business — Land Development
[556] Item 1, Business — Land Development
[557] Item 1, Business — Land Development
[558] Item 1, Business — Land Development
[559] Item 1, Business — Land Development
[560] Item 1, Business — Land Development
[561] Item 1, Business — Land Development
[562] Item 1, Business — Land Development
[563] Item 1, Business — Land Development
[564] Item 1, Business — Land Development
[565] Item 1, Business — Land Development
[566] Item 1, Business — Land Development
[567] Item 1, Business — Land Development
[568] Item 1, Business — Land Development
[569] Item 1, Business — Land Development
[570] Item 1, Business — Land Development
[571] Item 1, Business — Land Development
[572] Item 1, Business — Land Development
[573] Item 1, Business — Land Development
[574] Item 1, Business — Land Development
[575] Item 1, Business — Land Development
[576] Item 1, Business — Land Development
[577] Item 1, Business — Land Development
[578] Item 1, Business — Land Development
[579] Item 1, Business — Land Development
[580] Item 1, Business — Land Development
[581] Item 1, Business — Land Development
[582] Item 1, Business — Land Development
[583] Item 1, Business — Land Development
[584] Item 1, Business — Land Development
[585] Item 1, Business — Land Development
[586] Item 1, Business — Land Development
[587] Item 1, Business — Land Development
[588] Item 1, Business — Land Development
[589] Item 1, Business — Land Development
[590] Item 1, Business — Land Development
[591] Item 1, Business — Land Development
[592] Item 1, Business — Land Development
[593] Item 1, Business — Land Development
[594] Item 1, Business — Land Development
[595] Item 1, Business — Land Development
[596] Item 1, Business — Land Development
[597] Item 1, Business — Land Development
[598] Item 1, Business — Land Development
[599] Item 1, Business — Land Development
[600] Item 1, Business — Land Development
[601] Item 1, Business — Land Development
[602] Item 1, Business — Land Development
[603] Item 1, Business — Land Development
[604] Item 1, Business — Land Development
[605] Item 1, Business — Land Development
[606] Item 1, Business — Land Development
[607] Item 1, Business — Land Development
[608] Item 1, Business — Land Development
[609] Item 1, Business — Land Development
[610] Item 1, Business — Land Development
[611] Item 1, Business — Land Development
[612] Item 1, Business — Land Development
[613] Item 1, Business — Land Development
[614] Item 1, Business — Land Development
[615] Item 1, Business — Land Development
[616] Item 1, Business — Land Development
[617] Item 1, Business — Land Development
[618] Item 1, Business — Land Development
[619] Item 1, Business — Land Development
[620] Item 1, Business — Land Development
[621] Item 1, Business — Land Development
[622] Item 1, Business — Land Development
[623] Item 1, Business — Land Development
[624] Item 1, Business — Land Development
[625] Item 1, Business — Land Development
[626] Item 1, Business — Land Development
[627] Item 1, Business — Land Development
[628] Item 1, Business — Land Development
[629] Item 1, Business — Land Development
[630] Item 1, Business — Land Development
[631] Item 1, Business — Land Development
[632] Item 1, Business — Land Development
[633] Item 1, Business — Land Development
[634] Item 1, Business — Land Development
[635] Item 1, Business — Land Development
[636] Item 1, Business — Land Development
[637] Item 1, Business — Land Development
[638] Item 1, Business — Land Development
[639] Item 1, Business — Land Development
[640] Item 1, Business — Land Development
[641] Item 1, Business — Land Development
[642] Item 1, Business — Land Development
[643] Item 1, Business — Land Development
[644] Item 1, Business — Land Development
[645] Item 1, Business — Land Development
[646] Item 1, Business — Land Development
[647] Item 1, Business — Land Development
[648] Item 1, Business — Land Development
[649] Item 1, Business — Land Development
[650] Item 1, Business — Land Development
[651] Item 1, Business — Land Development
[652] Item 1, Business — Land Development
[653] Item 1, Business — Land Development
[654] Item 1, Business — Land Development
[655] Item 1, Business — Land Development
[656] Item 1, Business — Land Development
[657] Item 1, Business — Land Development
[658] Item 1, Business — Land Development
[659] Item 1, Business — Land Development
[660] Item 1, Business — Land Development
[661] Item 1, Business — Land Development
[662] Item 1, Business — Land Development
[663] Item 1, Business — Land Development
[664] Item 1, Business — Land Development
[665] Item 1, Business — Land Development
[666] Item 1, Business — Land Development
[667] Item 1, Business — Land Development
[668] Item 1, Business — Land Development
[669] Item 1, Business — Land Development
[670] Item 1, Business — Land Development
[671] Item 1, Business — Land Development
[672] Item 1, Business — Land Development
[673] Item 1, Business — Land Development
[674] Item 1, Business — Land Development
[675] Item 1, Business — Land Development
[676] Item 1, Business — Land Development
[677] Item 1, Business — Land Development
[678] Item 1, Business — Land Development
[679] Item 1, Business — Land Development
[680] Item 1, Business — Land Development
[681] Item 1, Business — Land Development
[682] Item 1, Business — Land Development
[683] Item 1, Business — Land Development
[684] Item 1, Business — Land Development
[685] Item 1, Business — Land Development
[686] Item 1, Business — Land Development
[687] Item 1, Business — Land Development
[688] Item 1, Business — Land Development
[689] Item 1, Business — Land Development
[690] Item 1, Business — Land Development
[691] Item 1, Business — Land Development
[692] Item 1, Business — Land Development
[693] Item 1, Business — Land Development
[694] Item 1, Business — Land Development
[695] Item 1, Business — Land Development
[696] Item 1, Business — Land Development
[697] Item 1, Business — Land Development
[698] Item 1, Business — Land Development
[699] Item 1, Business — Land Development
[700] Item 1, Business — Land Development
[701] Item 1, Business — Land Development
[702] Item 1, Business — Land Development
[703] Item 1, Business — Land Development
[704] Item 1, Business — Land Development
[705] Item 1, Business — Land Development
[706] Item 1, Business — Land Development
[707] Item 1, Business — Land Development
[708] Item 1, Business — Land Development
[709] Item 1, Business — Land Development
[710] Item 1, Business — Land Development
[711] Item 1, Business — Land Development
[712] Item 1, Business — Land Development
[713] Item 1, Business — Land Development
[714] Item 1, Business — Land Development
[715] Item 1, Business — Land Development
[716] Item 1, Business — Land Development
[717] Item 1, Business — Land Development
[718] Item 1, Business — Land Development
[719] Item 1, Business — Land Development
[720] Item 1, Business — Land Development
[721] Item 1, Business — Land Development
[722] Item 1, Business — Land Development
[723] Item 1, Business — Land Development
[724] Item 1, Business — Land Development
[725] Item 1, Business — Land Development
[726] Item 1, Business — Land Development
[727] Item 1, Business — Land Development
[728] Item 1, Business — Land Development
[729] Item 1, Business — Land Development
[730] Item 1, Business — Land Development
[731] Item 1, Business — Land Development
[732] Item 1, Business — Land Development
[733] Item 1, Business — Land Development
[734] Item 1, Business — Land Development
[735] Item 1, Business — Land Development
[736] Item 1, Business — Land Development
[737] Item 1, Business — Land Development
[738] Item 1, Business — Land Development
[739] Item 1, Business — Land Development
[740] Item 1, Business — Land Development
[741] Item 1, Business — Land Development
[742] Item 1, Business — Land Development
[743] Item 1, Business — Land Development
[744] Item 1, Business — Land Development
[745] Item 1, Business — Land Development
[746] Item 1, Business — Land Development
[747] Item 1, Business — Land Development
[748] Item 1, Business — Land Development
[749] Item 1, Business — Land Development
[750] Item 1, Business — Land Development
[751] Item 1, Business — Land Development
[752] Item 1, Business — Land Development
[753] Item 1, Business — Land Development
[754] Item 1, Business — Land Development
[755] Item 1, Business — Land Development
[756] Item 1, Business — Land Development
[757] Item 1, Business — Land Development
[758] Item 1, Business — Land Development
[759] Item 1, Business — Land Development
[760] Item 1, Business — Land Development
[761] Item 1, Business — Land Development
[762] Item 1, Business — Land Development
[763] Item 1, Business — Land Development
[764] Item 1, Business — Land Development
[765] Item 1, Business — Land Development
[766] Item 1, Business — Land Development
[767] Item 1, Business — Land Development
[768] Item 1, Business — Land Development
[769] Item 1, Business — Land Development
[770] Item 1, Business — Land Development
[771] Item 1, Business — Land Development
[772] Item 1, Business — Land Development
[773] Item 1, Business — Land Development
[774] Item 1, Business — Land Development
[775] Item 1, Business — Land Development
[776] Item 1, Business — Land Development
[777] Item 1, Business — Land Development
[778] Item 1, Business — Land Development
[779] Item 1, Business — Land Development
[780] Item 1, Business — Land Development
[781] Item 1, Business — Land Development
[782] Item 1, Business — Land Development
[783] Item 1, Business — Land Development
[784] Item 1, Business — Land Development
[785] Item 1, Business — Land Development
[786] Item 1, Business — Land Development
[787] Item 1, Business — Land Development
[788] Item 1, Business — Land Development
[789] Item 1, Business — Land Development
[790] Item 1, Business — Land Development
[791] Item 1, Business — Land Development
[792] Item 1, Business — Land Development
[793] Item 1, Business — Land Development
[794] Item 1, Business — Land Development
[795] Item 1, Business — Land Development
[796] Item 1, Business — Land Development
[797] Item 1, Business — Land Development
[798] Item 1, Business — Land Development
[799] Item 1, Business — Land Development
[800] Item 1, Business — Land Development
[801] Item 1, Business — Land Development
[802] Item 1, Business — Land Development
[803] Item 1, Business — Land Development
[804] Item 1, Business — Land Development
[805] Item 1, Business — Land Development
[806] Item 1, Business — Land Development
[807] Item 1, Business — Land Development
[808] Item 1, Business — Land Development
[809] Item 1, Business — Land Development
[810] Item 1, Business — Land Development
[811] Item 1, Business — Land Development
[812] Item 1, Business — Land Development
[813] Item 1, Business — Land Development
[814] Item 1, Business — Land Development
[815] Item 1, Business — Land Development
[816] Item 1, Business — Land Development
[817] Item 1, Business — Land Development
[818] Item 1, Business — Land Development
[819] Item 1, Business — Land Development
[820] Item 1, Business — Land Development
[821] Item 1, Business — Land Development
[822] Item 1, Business — Land Development
[823] Item 1, Business — Land Development
[824] Item 1, Business — Land Development
[825] Item 1, Business — Land Development
[826] Item 1, Business — Land Development
[827] Item 1, Business — Land Development
[828] Item 1, Business — Land Development
[829] Item 1, Business — Land Development
[830] Item 1, Business — Land Development
[831] Item 1, Business — Land Development
[832] Item 1, Business — Land Development
[833] Item 1, Business — Land Development
[834] Item 1, Business — Land Development
[835] Item 1, Business — Land Development
[836] Item 1, Business — Land Development
[837] Item 1, Business — Land Development
[838] Item 1, Business — Land Development
[839] Item 1, Business — Land Development
[840] Item 1, Business — Land Development
[841] Item 1, Business — Land Development
[842] Item 1, Business — Land Development
[843] Item 1, Business — Land Development
[844] Item 1, Business — Land Development
[845] Item 1, Business — Land Development
[846] Item 1, Business — Land Development
[847] Item 1, Business — Land Development
[848] Item 1, Business — Land Development
[849] Item 1, Business — Land Development
[850] Item 1, Business — Land Development
[851] Item 1, Business — Land Development
[852] Item 1, Business — Land Development
[853] Item 1, Business — Land Development
[854] Item 1, Business — Land Development
[855] Item 1, Business — Land Development
[856] Item 1, Business — Land Development
[857] Item 1, Business — Land Development
[858] Item 1, Business — Land Development
[859] Item 1, Business — Land Development
[860] Item 1, Business — Land Development
[861] Item 1, Business — Land Development
[862] Item 1, Business — Land Development
[863] Item 1, Business — Land Development
[864] Item 1, Business — Land Development
[865] Item 1, Business — Land Development
[866] Item 1, Business — Land Development
[867] Item 1, Business — Land Development
[868] Item 1, Business — Land Development
[869] Item 1, Business — Land Development
[870] Item 1, Business — Land Development
[871] Item 1, Business — Land Development
[872] Item 1, Business — Land Development
[873] Item 1, Business — Land Development
[874] Item 1, Business — Land Development
[875] Item 1, Business — Land Development
[876] Item 1, Business — Land Development
[877] Item 1, Business — Land Development
[878] Item 1, Business — Land Development
[879] Item 1, Business — Land Development
[880] Item 1, Business — Land Development
[881] Item 1, Business — Land Development
[882] Item 1, Business — Land Development
[883] Item 1, Business — Land Development
[884] Item 1, Business — Land Development
[885] Item 1, Business — Land Development
[886] Item 1, Business — Land Development
[887] Item 1, Business — Land Development
[888] Item 1, Business — Land Development
[889] Item 1, Business — Land Development
[890] Item 1, Business — Land Development
[891] Item 1, Business — Land Development
[892] Item 1, Business — Land Development
[893] Item 1, Business — Land Development
[894] Item 1, Business — Land Development
[895] Item 1, Business — Land Development
[896] Item 1, Business — Land Development
[897] Item 1, Business — Land Development
[898] Item 1, Business — Land Development
[899] Item 1, Business — Land Development
[900] Item 1, Business — Land Development
[901] Item 1, Business — Land Development
[902] Item 1, Business — Land Development
[903] Item 1, Business — Land Development
[904] Item 1, Business — Land Development
[905] Item 1, Business — Land Development
[906] Item 1, Business — Land Development
[907] Item 1, Business — Land Development
[908] Item 1, Business — Land Development
[909] Item 1, Business — Land Development
[910] Item 1, Business — Land Development
[911] Item 1, Business — Land Development
[912] Item 1, Business — Land Development
[913] Item 1, Business — Land Development
[914] Item 1, Business — Land Development
[915] Item 1, Business — Land Development
[916] Item 1, Business — Land Development
[917] Item 1, Business — Land Development
[918] Item 1, Business — Land Development
[919] Item 1, Business — Land Development
[920] Item 1, Business — Land Development
[921] Item 1, Business — Land Development
[922] Item 1, Business — Land Development
[923] Item 1, Business — Land Development
[924] Item 1, Business — Land Development
[925] Item 1, Business — Land Development
[926] Item 1, Business — Land Development
[927] Item 1, Business — Land Development
[928] Item 1, Business — Land Development
[929] Item 1, Business — Land Development
[930] Item 1, Business — Land Development
[931] Item 1, Business — Land Development
[932] Item 1, Business — Land Development
[933] Item 1, Business — Land Development
[934] Item 1, Business — Land Development
[935] Item 1, Business — Land Development
[936] Item 1, Business — Land Development
[937] Item 1, Business — Land Development
[938] Item 1, Business — Land Development
[939] Item 1, Business — Land Development
[940] Item 1, Business — Land Development
[941] Item 1, Business — Land Development
[942] Item 1, Business — Land Development
[943] Item 1, Business — Land Development
[944] Item 1, Business — Land Development
[945] Item 1, Business — Land Development
[946] Item 1, Business — Land Development
[947] Item 1, Business — Land Development
[948] Item 1, Business — Land Development
[949] Item 1, Business — Land Development
[950] Item 1, Business — Land Development
[951] Item 1, Business — Land Development
[952] Item 1, Business — Land Development
[953] Item 1, Business — Land Development
[954] Item 1, Business — Land Development
[955] Item 1, Business — Land Development
[956] Item 1, Business — Land Development
[957] Item 1, Business — Land Development
[958] Item 1, Business — Land Development
[959] Item 1, Business — Land Development
[960] Item 1, Business — Land Development
[961] Item 1, Business — Land Development
[962] Item 1, Business — Land Development
[963] Item 1, Business — Land Development
[964] Item 1, Business — Land Development
[965] Item 1, Business — Land Development
[966] Item 1, Business — Land Development
[967] Item 1, Business — Land Development
[968] Item 1, Business — Land Development
[969] Item 1, Business — Land Development
[970] Item 1, Business — Land Development
[971] Item 1, Business — Land Development
[972] Item 1, Business — Land Development
[973] Item 1, Business — Land Development
[974] Item 1, Business — Land Development
[975] Item 1, Business — Land Development
[976] Item 1, Business — Land Development
[977] Item 1, Business — Land Development
[978] Item 1, Business — Land Development
[979] Item 1, Business — Land Development
[980] Item 1, Business — Land Development
[981] Item 1, Business — Land Development
[982] Item 1, Business — Land Development
[983] Item 1, Business — Land Development
[984] Item 1, Business — Land Development
[985] Item 1, Business — Land Development
[986] Item 1, Business — Land Development
[987] Item 1, Business — Land Development
[988] Item 1, Business — Land Development
[989] Item 1, Business — Land Development
[990] Item 1, Business — Land Development
[991] Item 1, Business — Land Development
[992] Item 1, Business — Land Development
[993] Item 1, Business — Land Development
[994] Item 1, Business — Land Development
[995] Item 1, Business — Land Development
[996] Item 1, Business — Land Development
[997] Item 1, Business — Land Development
[998] Item 1, Business — Land Development
[999] Item 1, Business — Land Development
[1000] Item 1, Business — Land Development

Analysis on 7/24/2026

Recent Material Events

2026-07-24Material Event

AMREP Corporation reported fiscal year 2026 results for the period ended April 30, 2026. The company generated revenues of $52,847,000, an increase from $49,694,000 in fiscal 2025. Net income decreased to $10,288,000, or $1.91 per diluted share, compared to $12,716,000, or $2.37 per diluted share, in the prior year. The company operates in the real estate industry as a land holder, developer, and homebuilder in New Mexico.

View filing ↗

2026-07-14Material Event

Amrep Corporation awarded Christopher V. Vitale, President and CEO, a $178,000 cash bonus and 8,700 restricted shares, and Adrienne M. Uleau, CFO and VP, a $64,000 cash bonus and 2,250 restricted shares. The company also approved a salary change for both executives, increasing Vitale's salary to $395,000 and Uleau's to $205,000, effective July 27, 2026. Amrep Corporation is a real estate holding company that manages property investments and management services.

View filing ↗