Business Description

AMREP Corporation was organized in 1961 as an Oklahoma corporation and, through its subsidiaries, is primarily engaged in two business segments: land development and homebuilding. The Company has no foreign sales or activities outside the United States. The Company conducts a substantial portion of its business in Rio Rancho, New Mexico (“Rio Rancho”) 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. Land Development 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 as demand warrants. The Company offers 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. Activities conducted or arranged by the Company include land and site planning, obtaining governmental and environmental approvals (“entitlements”), 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. With respect to residential development, the Company generally 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, the Company’s customers and other builders was 805 in 2026 and 973 in 2025. The development of residential, commercial and industrial properties requires, among other things, financing or other sources of funding, which may not be available. 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 competes with other owners and developers of land that offer for sale developed and undeveloped residential lots and sites for commercial and industrial use. ​ 1 The following table presents the property owned by the Company in certain subdivision development projects in New Mexico as of April 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Developed 1 ​ Under Development 2 ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ ​ ​ Commercial ​ ​ ​ ​ ​ ​ Residential ​ / Industrial ​ Residential ​ / Industrial ​ Undeveloped 3 ​ ​ ​ ​ Lots ​ Acres ​ Acres ​ Acres ​ Acres ​ Location Lomas Encantadas ​ ​ ​ 120 ​ ​ ​ — ​ ​ ​ 98 ​ ​ ​ 5 ​ ​ ​ — ​ ​ ​ ​ Commerce Center ​ — ​ 27 ​ — ​ — ​ — ​ Unit 20 in Rio Rancho Paseo Gateway ​ — ​ — ​ — ​ — ​ 289 ​ ​ Hawk Site ​ — ​ 40 ​ 105 ​ 97 ​ — ​ Hawk Adjacent ​ — ​ — ​ 53 ​ — ​ 92 ​ Unit 25 in Rio Rancho Papillon ​ — ​ — ​ — ​ — ​ 656 ​ ​ Park West Village ​ 16 ​ — ​ — ​ — ​ — ​ ​ Orchard Park ​ — ​ — ​ — ​ — ​ 46 ​ Unit 22 in Rio Rancho Desert Sage ​ — ​ — ​ — ​ — ​ 26 ​ ​ Northern Exposure ​ — ​ — ​ — ​ — ​ 17 ​ Unit 8 in Rio Vista Alegria ​ — ​ — ​ — ​ — ​ 78 ​ Rancho La Mirada 26 ​ 1 ​ — ​ — ​ — Albuquerque, Playa del Sur 55 ​ — ​ — ​ — ​ — New Mexico ​ In addition to the property listed in the table above, as of April 30, 2026, the Company held undeveloped property in Sandoval County, New Mexico of approximately 15,300 acres in either high contiguous ownership areas or low contiguous ownership areas.…