Core Viewpoint - AMREP Corporation experienced strong earnings growth in fiscal 2025 despite a decline in annual revenues, with net income increasing significantly while revenues were impacted by lower other revenues and high-value transactions [2][11]. Financial Performance - Net income surged 90.1% to $12.7 million, or $2.37 per diluted share, compared to $6.7 million, or $1.25 per share, in fiscal 2024 [2]. - Revenues fell 3.3% to $49.7 million from $51.4 million, primarily due to a 61.9% decline in other revenues, which offset a 23.6% increase in home sale revenues [2]. - Fourth-quarter fiscal 2025 net income was $3.9 million, or $0.73 per share, down from $4.1 million, or $0.77 per share, in the previous year [3]. - Fourth-quarter revenues declined 42.8% to $11.2 million from $19.5 million, reflecting reduced high-value transactions [3]. Segmental Breakdown - Land sales for the full fiscal year decreased 4.4% to $25.6 million from $26.8 million, influenced by a reduced volume of high-priced undeveloped land sales [4]. - Home sale revenue rose 23.6% to $21.2 million from $17.2 million, driven by an increase in the number of closings, despite a 10.9% drop in average selling prices [5]. Cost and Margin Analysis - Land sale cost of revenues dropped 28.2% to $12.4 million from $17.2 million, with gross profit margins improving in the land segment to 52% from 36% [6]. - Homebuilding margins compressed to 21% from 25% due to elevated costs and a shift toward smaller homes [6]. Operational Metrics - General and administrative expenses rose 5.9% to $7.3 million, mainly due to expanded homebuilding operations and IT costs [7]. - Interest income surged 97.1% to $1.6 million from $0.8 million, attributed to increased holdings of U.S. government securities [7]. Management Insights - Management noted delays in municipal approvals and utility access affecting construction timelines, leading to a strategic moderation in development projects [8]. - The company ended the year with 88 homes under production, including 28 under contract, indicating an improving sales pipeline [9]. Future Outlook - Management cautioned about a likely decline in developed land sales in fiscal 2026 due to fewer active development projects and infrastructure bottlenecks [14]. - AMREP believes it is well-positioned to handle near-term volatility, supported by year-end cash and equivalents totaling $39.9 million [14][13]. Other Developments - AMREP expanded its leasing strategy, increasing homes under lease to 21 from 10 in the prior year, diversifying revenue sources [15]. - The company terminated its defined benefit pension plan, simplifying its balance sheet and eliminating long-term pension obligations [16].

Financial Performance - AMREP Corporation reported a net income of $12,716,000, or $2.37 per diluted share, for the fiscal year ended April 30, 2025, compared to a net income of $6,690,000, or $1.25 per diluted share, for the same period in the prior year [1] - Revenues for fiscal 2025 were $49,694,000, down from $51,369,000 in fiscal 2024 [1][5] - Basic income per share increased to $2.39 in 2025 from $1.26 in 2024, while diluted income per share rose to $2.37 from $1.25 [5] Company Overview - AMREP Corporation is a major holder of land, a leading developer of real estate, and an award-winning homebuilder located in New Mexico [3]

[AMREP Corporation Form 8-K Filing (July 25, 2025)](index=1&type=section&id=AMREP%20Corporation%20Form%208-K) [Filing Information](index=1&type=section&id=Filing%20Information) This Form 8-K was filed by AMREP Corporation on July 25, 2025, with its common stock registered on the New York Stock Exchange under the symbol AXR - Company Name: AMREP Corporation[2](index=2&type=chunk) - Date of Report: July 25, 2025[2](index=2&type=chunk) Security Registration | Title of each class | Trading Symbol(s) | Name of each exchange on which registered | | :--- | :--- | :--- | | Common Stock $.10 par value | AXR | New York Stock Exchange | [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) AMREP Corporation announced its financial results for the fiscal year ended April 30, 2025, through a press release issued on July 25, 2025, furnished as Exhibit 99.1 to this Form 8-K - On July 25, 2025, the company issued a press release reporting its results of operations for the year ended April 30, 2025[4](index=4&type=chunk) - The press release is furnished as Exhibit 99.1 and is not considered "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934[4](index=4&type=chunk)[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section lists the exhibits furnished with the Form 8-K, which include the press release (Exhibit 99.1) and the Cover Page Interactive Data File (Exhibit 104) List of Exhibits | Exhibit Number | Description | | :--- | :--- | | 99.1 | Press Release, dated July 25, 2025, issued by AMREP Corporation | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signatures](index=3&type=section&id=Signatures) The report is duly authorized and signed on July 25, 2025, by Adrienne M. Uleau, the Chief Financial Officer and Vice President of AMREP Corporation - The report was signed on behalf of AMREP Corporation by Adrienne M. Uleau, Chief Financial Officer and Vice President[9](index=9&type=chunk)[11](index=11&type=chunk) - Date of Signature: July 25, 2025[11](index=11&type=chunk) [Exhibit Index](index=4&type=section&id=Exhibit%20Index) This section provides a formal index of the exhibits filed with the report, reiterating the press release as Exhibit 99.1 and the interactive data file as Exhibit 104 List of Exhibits | Exhibit Number | Description | | :--- | :--- | | 99.1 | Press Release, dated July 25, 2025, issued by AMREP Corporation | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

Part I [Item 1. Business](index=2&type=section&id=Item%201.%20Business) AMREP Corporation primarily develops land and builds homes in Rio Rancho, New Mexico, navigating market and regulatory challenges - The company's primary business segments are land development and homebuilding, with no foreign sales or activities outside the United States[11](index=11&type=chunk) - A substantial portion of the company's business is conducted in Rio Rancho, New Mexico, the state's third-largest city[11](index=11&type=chunk) [Land Development](index=2&type=section&id=Land%20Development) The Land Development segment develops and sells residential and commercial land in Sandoval County, utilizing reimbursement mechanisms and owning mineral rights - As of April 30, 2025, the Company owned approximately **16,600 acres** in Sandoval County, New Mexico, for development and sale[12](index=12&type=chunk) - In fiscal year 2025, **100%** of developed residential land sales were made to just **three homebuilders**, indicating customer concentration[13](index=13&type=chunk) Property Owned in New Mexico Development Projects (as of April 30, 2025) | Project | Developed Residential Lots | Developed Commercial/Industrial Acres | Under Development Residential Acres | Under Development Commercial/Industrial Acres | Undeveloped Acres | | :--- | :--- | :--- | :--- | :--- | :--- | | Lomas Encantadas | 120 | — | 126 | 6 | — | | Commerce Center | — | 29 | — | — | — | | Paseo Gateway | — | — | — | — | 327 | | Hawk Site | 2 | 35 | 93 | 101 | — | | Hawk Adjacent | — | — | 45 | — | — | | Papillon | — | — | — | — | 656 | | Park West Village | 22 | — | — | — | — | | La Mirada | 30 | 1 | — | — | — | | Playa del Sur | — | — | 5.5 | — | — | - The company utilizes public improvement districts, private infrastructure covenants, and the sale of impact fee credits to be reimbursed for certain development costs[18](index=18&type=chunk)[19](index=19&type=chunk)[20](index=20&type=chunk) - The Company owns mineral rights under approximately **55,000 surface acres** of land in Sandoval County, New Mexico[24](index=24&type=chunk) [Homebuilding](index=5&type=section&id=Homebuilding) The Homebuilding segment constructs and sells single-family homes in New Mexico, facing seasonality and intense competition - The company builds and sells single-family homes, offering both built-to-order and speculative ("spec") options[25](index=25&type=chunk) - The homebuilding business experiences seasonality, with revenues and cash flow generally increasing during the first and fourth fiscal quarters due to the timing of home closings[26](index=26&type=chunk) - The housing industry in New Mexico is highly competitive, with pressure on sales volume and margins from national, regional, and local homebuilders, as well as from the resale and rental markets[27](index=27&type=chunk) [Materials and Labor](index=5&type=section&id=Materials%20and%20Labor) The company faces challenges with fluctuating material costs and limited skilled labor, mitigating risks by establishing costs near contract signing - The cost and availability of building materials are subject to fluctuations from commodity prices and government regulations like tariffs[28](index=28&type=chunk) - Sourcing qualified labor at reasonable prices is challenging as labor supply growth has not kept pace with construction demand[28](index=28&type=chunk) [Regulatory and Environmental Matters](index=5&type=section&id=Regulatory%20and%20Environmental%20Matters) Operations are subject to extensive federal, state, and local regulations, potentially causing delays and cost increases, with additional climate and water risks - Operations are subject to extensive regulations which can lead to extended timelines for receiving necessary government approvals, delaying development and construction[29](index=29&type=chunk) - Regulations related to greenhouse gas emissions, climate change, or water availability could restrict development and increase costs[30](index=30&type=chunk) [Human Capital Resources](index=7&type=section&id=Human%20Capital%20Resources) AMREP Corporation employed 49 people as of April 30, 2025, focusing on talent retention and good employee relations - The company employed **49 people** as of April 30, 2025, with **48 full-time employees**[32](index=32&type=chunk) - Employees are not represented by any union, and the company considers its employee relations to be good[32](index=32&type=chunk) [Item 1A. Risk Factors](index=7&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, AMREP Corporation has opted not to provide risk factor disclosures in this report - The Company, as a smaller reporting company, has opted out of providing risk factor disclosures in this report[36](index=36&type=chunk) [Item 1B. Unresolved Staff Comments](index=7&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) This item is not applicable due to the absence of unresolved staff comments - Not applicable[37](index=37&type=chunk) [Item 1C. Cybersecurity](index=7&type=section&id=Item%201C.%20Cybersecurity) The company manages cybersecurity risks through third-party providers and Board oversight, reporting no material incidents in fiscal 2024 or 2025 - The Company relies on third-party service providers to operate, monitor, and manage its IT infrastructure and cybersecurity risks[38](index=38&type=chunk) - The Board of Directors' Audit Committee is responsible for overseeing the company's risk assessment policies, including cybersecurity risks[40](index=40&type=chunk) - For fiscal years 2025 and 2024, the company is not aware of any cybersecurity threats or incidents that have had a material effect on its business, operations, or financial condition[39](index=39&type=chunk) [Item 2. Properties](index=9&type=section&id=Item%202.%20Properties) The company's executive offices are leased in Pennsylvania, while operational facilities are in a company-owned building in Rio Rancho, New Mexico - Executive offices are located in leased space in Havertown, PA, while operational offices for its business segments are in a company-owned building in Rio Rancho, NM[42](index=42&type=chunk) [Item 3. Legal Proceedings](index=9&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in routine legal matters, which management expects will not materially impact its financial position or operations - The Company is involved in routine legal matters but does not expect them to have a material adverse effect on its financial condition[43](index=43&type=chunk) [Item 4. Mine Safety Disclosures](index=9&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[44](index=44&type=chunk) Part II [Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=10&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) AMREP's common stock (AXR) trades thinly on the NYSE due to concentrated ownership, with no cash dividends paid since fiscal year 2008 - The company's common stock (Symbol: **AXR**) is listed on the New York Stock Exchange[49](index=49&type=chunk) - The stock is thinly traded, with an average daily volume of **16,350 shares** over the 30 days ending April 30, 2025. This is partly due to a high concentration of ownership, with **three shareholders** holding approximately **51%** of the stock[50](index=50&type=chunk) - The company has not paid any cash dividends on its common stock since fiscal year **2008** and does not guarantee future dividends[52](index=52&type=chunk) [Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=10&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Fiscal 2025 net income increased to $12.7 million, driven by land development margins despite a slight revenue decrease, maintaining strong liquidity [CRITICAL ACCOUNTING ESTIMATES](index=10&type=section&id=CRITICAL%20ACCOUNTING%20ESTIMATES) Key accounting estimates involve land sale costs, asset impairment, uncertain tax positions, and deferred tax asset recoverability, based on judgment and historical data - Key accounting estimates involve land sale cost calculations, asset impairment tests, uncertain tax positions, and recoverability of deferred tax assets[56](index=56&type=chunk) - Critical assumptions for these estimates are based on historical experience, third-party data, and management's judgment regarding future events and conditions, such as sales prices and development costs[57](index=57&type=chunk)[59](index=59&type=chunk) [RESULTS OF OPERATIONS](index=11&type=section&id=RESULTS%20OF%20OPERATIONS) Fiscal 2025 net income rose to $12.7 million despite a 3% revenue decrease, driven by improved land sale margins offsetting lower home sale margins Net Income and EPS Comparison (FY 2025 vs. FY 2024) | Metric | 2025 ($) | 2024 ($) | | :--- | :--- | :--- | | Net Income | 12,716,000 | 6,690,000 | | Diluted EPS | 2.37 | 1.25 | Revenues by Segment (in thousands) | Revenue Type | 2025 ($ thousands) | 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Land sale revenues | 25,648 | 26,825 | (1,177) | (4)% | | Home sale revenues | 21,248 | 17,187 | 4,061 | 24% | | Other revenues | 2,798 | 7,357 | (4,559) | (62)% | | **Total** | **49,694** | **51,369** | **(1,675)** | **(3)%** | Home Sale Metrics | Metric | 2025 (Units) | 2024 (Units) | | :--- | :--- | :--- | | Homes sold | 50 | 36 | | Average selling price ($) | 425,000 | 477,000 | - Land sale gross margin increased from **36%** in 2024 to **52%** in 2025, primarily due to changes in reimbursement credits and the mix of property sold, including a larger sale of low-cost undeveloped land[64](index=64&type=chunk) - Home sale gross margin decreased from **25%** in 2024 to **21%** in 2025, attributed to the mix of homes sold, increased sales incentives, and higher material and labor costs[66](index=66&type=chunk) General and Administrative Expenses (in thousands) | Segment | 2025 ($ thousands) | 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Land development | 3,847 | 3,677 | 170 | 5% | | Homebuilding | 1,764 | 1,214 | 550 | 45% | | Corporate | 1,667 | 1,980 | (313) | (16)% | | **Total** | **7,278** | **6,871** | **407** | **6%** | [LIQUIDITY AND CAPITAL RESOURCES](index=16&type=section&id=LIQUIDITY%20AND%20CAPITAL%20RESOURCES) Liquidity strengthened in fiscal 2025, with cash and equivalents increasing 32% to $39.9 million, supported by operating cash flow and a revolving line of credit Cash, Cash Equivalents and Restricted Cash (in thousands) | Category | 2025 ($ thousands) | 2024 ($ thousands) | Change ($ thousands) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Cash | 10,651 | 10,465 | 186 | 2% | | U.S. Government Securities | 28,815 | 19,229 | 9,586 | 50% | | Restricted Cash | 455 | 547 | (92) | (17)% | | **Total** | **39,921** | **30,241** | **9,680** | **32%** | Cash Flow Summary (in thousands) | Activity | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 10,242 | 10,714 | | Net cash used in investing activities | (553) | (457) | | Net cash used in financing activities | (9) | (9) | - The company's defined benefit pension plan was terminated in 2024, and residual assets of **$547,000** were transferred to the 401(k) plan, recognized as restricted cash[76](index=76&type=chunk) - Real estate inventory increased slightly to **$66.8 million**, with a significant **216%** increase in homebuilding model and completed inventory, offset by a **13%** decrease in land inventory[80](index=80&type=chunk) [Item 8. Financial Statements and Supplementary Data](index=22&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the consolidated financial statements for fiscal years 2024 and 2025, including management's internal control report and detailed notes [Management's Annual Report on Internal Control Over Financial Reporting](index=22&type=section&id=Management%27s%20Annual%20Report%20on%20Internal%20Control%20Over%20Financial%20Reporting) Management concluded that the company's internal control over financial reporting was effective as of April 30, 2025, based on the COSO 2013 framework - Management concluded that the company's internal control over financial reporting was effective as of April 30, 2025[91](index=91&type=chunk) [Consolidated Financial Statements](index=27&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements show total assets at $133.8 million and shareholders' equity at $130.0 million, with fiscal 2025 net income of $12.7 million Consolidated Balance Sheet Highlights (in thousands) | Account | April 30, 2025 ($ thousands) | April 30, 2024 ($ thousands) | | :--- | :--- | :--- | | Total Assets | 133,776 | 122,830 | | Total Liabilities | 3,815 | 4,780 | | Total Shareholders' Equity | 129,961 | 118,050 | Consolidated Statement of Operations Highlights (in thousands) | Account | FY 2025 ($ thousands) | FY 2024 ($ thousands) | | :--- | :--- | :--- | | Total Revenues | 49,694 | 51,369 | | Operating Income | 12,107 | 7,602 | | Net Income | 12,716 | 6,690 | Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | FY 2025 ($ thousands) | FY 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash provided by operating activities | 10,242 | 10,714 | | Increase in cash, cash equivalents and restricted cash | 9,680 | 10,248 | [Notes to Consolidated Financial Statements](index=32&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes provide detailed accounting policies, asset breakdowns, debt, revenue recognition, tax positions, and segment data for land development and homebuilding - The company's two reportable segments are land development and homebuilding[126](index=126&type=chunk)[212](index=212&type=chunk) - As of April 30, 2025, the company had a revolving line of credit with **$3.5 million** available for new borrowings and total outstanding notes payable of only **$26,000**[162](index=162&type=chunk) - In fiscal 2025, **two customers** in the land development segment each contributed over **10%** of the company's total revenues, with amounts of **$11.8 million** and **$6.0 million**[169](index=169&type=chunk) - The company has federal net operating loss carryforwards of **$32.5 million** as of April 30, 2025, which do not expire[192](index=192&type=chunk) Segment Profit (in thousands) | Segment | FY 2025 ($ thousands) | FY 2024 ($ thousands) | | :--- | :--- | :--- | | Land Development | 11,329 | 6,733 | | Homebuilding | 2,445 | 2,849 | [Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=58&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) No changes or disagreements with accountants on accounting and financial disclosure occurred during the period - None[221](index=221&type=chunk) [Item 9A. Controls and Procedures](index=58&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of April 30, 2025, with no material changes to internal control - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of April 30, 2025[222](index=222&type=chunk) - No material changes to internal control over financial reporting occurred during the fourth quarter of fiscal 2025[224](index=224&type=chunk) Part III [Item 10. Directors, Executive Officers and Corporate Governance](index=58&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement for its 2025 Annual Meeting of Shareholders[228](index=228&type=chunk) [Item 11. Executive Compensation](index=58&type=section&id=Item%2011.%20Executive%20Compensation) Executive and director compensation details are incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[229](index=229&type=chunk) [Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=58&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Security ownership and equity compensation plan details are incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[230](index=230&type=chunk) [Item 13. Certain Relationships and Related Transactions, and Director Independence](index=60&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Related party transactions and director independence information is incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[232](index=232&type=chunk) [Item 14. Principal Accounting Fees and Services](index=60&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Principal accounting fees and services information is incorporated by reference from the company's 2025 Proxy Statement - Required information is incorporated by reference from the Company's Proxy Statement[233](index=233&type=chunk) Part IV [Item 15. Exhibits, Financial Statement Schedules](index=60&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the consolidated financial statements, schedules, and an index of exhibits filed as part of the Form 10-K - This section lists the consolidated financial statements filed with the report, including the Balance Sheets, Statements of Operations, and Cash Flows[235](index=235&type=chunk)[238](index=238&type=chunk) - An index of exhibits filed with the Form 10-K is provided, including governance documents, material contracts, and certifications[236](index=236&type=chunk)[244](index=244&type=chunk)[245](index=245&type=chunk)[246](index=246&type=chunk)

Core Viewpoint - AMREP Corporation reported significant growth in net income and revenues for the third quarter and first nine months of fiscal 2025 compared to the same periods in 2024, indicating a positive financial performance trend [1][5]. Financial Performance - For the third quarter ended January 31, 2025, AMREP's net income was $717,000, or $0.13 per diluted share, compared to $92,000, or $0.02 per diluted share in the same quarter of 2024 [1][5]. - For the first nine months of fiscal 2025, net income reached $8,823,000, or $1.64 per diluted share, up from $2,546,000, or $0.48 per diluted share in the prior year [1][5]. - Revenues for the third quarter of 2025 were $7,520,000, a decrease from $12,689,000 in the same quarter of 2024, while revenues for the first nine months increased to $38,516,000 from $31,833,000 year-over-year [1][5]. Shareholder Metrics - The weighted average number of common shares outstanding for the third quarter was 5,321,000 (basic) and 5,381,000 (diluted) in 2025, compared to 5,303,000 (basic) and 5,346,000 (diluted) in 2024 [5]. - For the first nine months, the weighted average number of common shares outstanding was 5,316,000 (basic) and 5,376,000 (diluted) in 2025, compared to 5,299,000 (basic) and 5,341,000 (diluted) in 2024 [5]. Company Overview - AMREP Corporation is a major landholder and a leading developer of real estate, as well as an award-winning homebuilder located in New Mexico [3].

[Form 8-K Current Report](index=1&type=section&id=Form%208-K%20Current%20Report) This report details significant events, including the announcement of financial results and the filing of related exhibits [Item 2.02 Results of Operations and Financial Condition](index=2&type=section&id=Item%202.02%20Results%20of%20Operations%20and%20Financial%20Condition) AMREP Corporation announced financial results for the periods ended January 31, 2025, with the accompanying press release not deemed "filed" under Section 18 of the Securities Exchange Act of 1934 - AMREP Corporation issued a press release on March 7, 2025, reporting its results of operations for the three and nine-month periods ended January 31, 2025[4](index=4&type=chunk) - The information in this report and Exhibit 99.1 is not deemed "filed" under Section 18 of the Securities Exchange Act of 1934, nor incorporated by reference into Securities Act of 1933 filings unless explicitly stated[5](index=5&type=chunk) [Item 9.01 Financial Statements and Exhibits](index=2&type=section&id=Item%209.01%20Financial%20Statements%20and%20Exhibits) This section details the exhibits accompanying the Form 8-K, including the financial results press release and the interactive data file Exhibits Filed | Exhibit Number | Description | | :--- | :--- | | 99.1 | Press Release, dated March 7, 2025, issued by AMREP Corporation | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | [Signatures](index=3&type=section&id=Signatures) The report was duly authorized and signed on March 7, 2025, by Adrienne M. Uleau, Vice President, Finance and Accounting for AMREP Corporation - The report was signed on March 7, 2025, by Adrienne M. Uleau, Vice President, Finance and Accounting, on behalf of AMREP Corporation[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk)

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents AMREP Corporation's unaudited financial statements, notes, and management's discussion and analysis of financial condition and results of operations [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) AMREP Corporation's unaudited financial statements reflect significant increases in assets, net income, and operating cash flow for the period [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | Jan 31, 2025 (Unaudited) | Apr 30, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $36,936 | $29,694 | | Real estate inventory | $65,102 | $65,983 | | Total Assets | $128,938 | $122,830 | | **Liabilities & Equity** | | | | Total Liabilities | $2,962 | $4,780 | | Total Shareholders' Equity | $125,976 | $118,050 | | Total Liabilities and Shareholders' Equity | $128,938 | $122,830 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Statement of Operations Summary (Unaudited, in thousands) | Metric | Three Months Ended Jan 31, 2025 | Three Months Ended Jan 31, 2024 | Nine Months Ended Jan 31, 2025 | Nine Months Ended Jan 31, 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $7,520 | $12,689 | $38,516 | $31,833 | | Operating Income | $432 | $(148) | $8,568 | $2,926 | | Net Income | $717 | $92 | $8,823 | $2,546 | | Diluted EPS | $0.13 | $0.02 | $1.64 | $0.48 | [Condensed Consolidated Statements of Comprehensive Income](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) - For the nine months ended January 31, 2025, total comprehensive income was **$7.6 million**, compared to **$2.5 million** in the prior-year period. The current period includes a **$1.23 million** reclassification from accumulated other comprehensive income to a benefit for income taxes related to the termination of the pension plan[13](index=13&type=chunk)[48](index=48&type=chunk) [Condensed Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders%27%20Equity) - Total shareholders' equity increased from **$118.1 million** on May 1, 2024, to **$126.0 million** on January 31, 2025. The increase was primarily driven by net income of **$8.8 million**, partially offset by a reclassification of accumulated other comprehensive income of **$1.23 million**[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary (Unaudited, in thousands) | Cash Flow Activity | Nine Months Ended Jan 31, 2025 | Nine Months Ended Jan 31, 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $7,273 | $3,381 | | Net cash used in investing activities | $(116) | $(5,354) | | Net cash used in financing activities | $(7) | $(7) | | **Increase (decrease) in cash** | **$7,150** | **$(1,980)** | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) - The company's primary business segments are land development and homebuilding. All sales are domestic[21](index=21&type=chunk) - For the nine months ended January 31, 2025, two customers each accounted for over **10%** of total revenues, contributing **$6.028 million** and **$6.036 million** respectively, both within the land development segment[40](index=40&type=chunk) Warranty Reserve Activity (in thousands) | Period | Beginning Balance | Warranty Issued | Expenditures | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | **Nine Months Ended Jan 31, 2025** | $175 | $91 | $(17) | $249 | | **Nine Months Ended Jan 31, 2024** | $165 | $48 | $(8) | $139 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=22&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reported a significant increase in net income for the nine months ended January 31, 2025, to $8.8 million from $2.5 million year-over-year, driven by a 93% surge in home sale revenues. The company is facing market headwinds, including municipal delays and housing affordability challenges, leading to strategic shifts like leasing completed homes and slowing new projects. Liquidity remains strong, with cash and equivalents increasing to $37.4 million, supported by positive operating cash flow [Results of Operations](index=23&type=section&id=Results%20of%20Operations) Net Income and EPS Comparison | Period | Net Income | Diluted EPS | | :--- | :--- | :--- | | **Nine Months Ended Jan 31, 2025** | $8,823,000 | $1.64 | | **Nine Months Ended Jan 31, 2024** | $2,546,000 | $0.48 | - The company experienced material delays in municipal entitlements, infrastructure, and approvals, which delayed revenue realization and increased costs. Housing affordability challenges due to high prices and interest rates have negatively affected demand[67](index=67&type=chunk) Revenue by Category (Nine Months Ended Jan 31, in thousands) | Revenue Category | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Land sale revenues | $18,113 | $15,576 | $2,537 | 16% | | Home sale revenues | $18,420 | $9,527 | $8,893 | 93% | | Other revenues | $1,983 | $6,730 | $(4,747) | (71)% | | **Total** | **$38,516** | **$31,833** | **$6,683** | **21%** | - Home sale gross margins decreased to **20%** for the nine months ended January 31, 2025, from **27%** in the prior year, primarily due to the mix of homes sold and increased costs for materials and labor[79](index=79&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) Cash, Cash Equivalents and Restricted Cash (in thousands) | Date | Amount | | :--- | :--- | | January 31, 2025 | $37,391 | | April 30, 2024 | $30,241 | - Net cash from operating activities for the nine months ended January 31, 2025, was **$7.3 million**, a significant increase from **$3.4 million** in the prior year. This was primarily due to cash from business operations and a reduction in real estate inventory[86](index=86&type=chunk) - Real estate inventory decreased slightly to **$65.1 million** as of January 31, 2025, from **$66.0 million** at April 30, 2024. Investment assets increased by **16%** to **$14.5 million**, partly due to opportunistically leasing completed homes[91](index=91&type=chunk)[92](index=92&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and Vice President of Finance and Accounting, evaluated the company's disclosure controls and procedures and concluded they were effective as of January 31, 2025. There were no material changes to the company's internal control over financial reporting during the most recent fiscal quarter - The Company's Chief Executive Officer and Vice President, Finance and Accounting concluded that disclosure controls and procedures were effective as of January 31, 2025[98](index=98&type=chunk) - No material changes in the Company's internal control over financial reporting occurred during the most recent fiscal quarter[99](index=99&type=chunk) [PART II. OTHER INFORMATION](index=36&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section covers other information, including details on trading arrangements and a list of exhibits filed with the report [Item 5. Other Information](index=36&type=section&id=Item%205.%20Other%20Information) During the third fiscal quarter ended January 31, 2025, no director or officer of the company adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement - No director or officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the three months ended January 31, 2025[102](index=102&type=chunk) [Item 6. Exhibits](index=36&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications required by the Securities Exchange Act of 1934 and Inline XBRL documents - The report includes required certifications under Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as Inline XBRL Instance Documents[103](index=103&type=chunk)[107](index=107&type=chunk)

Core Insights - AMREP Corporation (NYSE: AXR) is a small-cap company primarily involved in the real estate sector, which tends to be overlooked by most investors [1] - The stock has experienced a decline of 21% from its peak in December [1] Company Overview - AMREP Corporation operates in the real estate business, indicating a focus on property management or development [1] - The company is categorized as a small-cap, suggesting it has a market capitalization that is lower than larger firms, which may lead to less visibility in the investment community [1] Stock Performance - The stock price has decreased by 21% since reaching its peak in December, indicating potential volatility or market challenges [1]

Core Insights - AMREP Corporation's shares have declined 6.8% since the earnings report for the quarter ended October 31, 2024, underperforming the S&P 500 Index's 3.7% decline during the same period [1] - The company reported total revenues of $11.9 million for the quarter, a 34.5% year-over-year increase, driven by a 19.9% rise in land sale revenues and a 51.5% surge in home sale revenues [2] - Net income reached $4 million, or $0.75 per diluted share, compared to $1.1 million, or $0.21 per diluted share, in the same period last year [3] Revenue and Earnings Growth - Land sale revenues totaled $5.9 million, while home sale revenues reached $5.3 million, supported by higher sales volumes and pricing dynamics [2] - Operating income surged 199.1% year-over-year to $3.1 million, with the homebuilding segment benefiting from increased landscaping services [3][7] - The land development segment saw a revenue increase of 29.9% to $7.7 million, with a notable sale of 549 acres contributing $2.5 million [5] Business Metrics - Homebuilding revenues increased 43.4% to $4.2 million, with 12 homes sold compared to seven in the prior-year quarter, although the average selling price per home declined to $444,000 from $503,000 [5] - Land sale gross margins improved to 60% from 27% a year earlier, while home sale gross margins declined from 29% to 20% due to various cost factors [6] - General and administrative expenses increased 18% to $1.8 million, primarily due to expanded homebuilding operations [7] Cash Flow and Financial Position - As of October 31, 2024, AMREP reported $40.6 million in cash and equivalents, up from $30.2 million as of April 30, 2024 [8] - Operating cash flows were $10.5 million, significantly higher than $1.9 million in the prior-year period, driven by inventory reductions [8] - Capital expenditures were modest at $120,000, reflecting strategic restraint amid market uncertainties [8] Management Commentary - Management attributed strong revenue growth to increased land and home sales while focusing on cost management amid rising material and labor expenses [9] - Delays in municipal approvals and infrastructure availability were noted as ongoing challenges that could affect future project timelines [9] Market Outlook - Management highlighted potential for reduced land sale revenues in fiscal 2025 due to market headwinds and delays in entitlement processes [11] - Rising mortgage rates and inflation were cited as factors negatively impacting housing demand, prompting the company to manage its project pipeline strategically [11] Other Developments - Real estate inventory decreased by 3.9% to $63.4 million, primarily due to land and home sales [12] - AMREP's pension plan termination resulted in a $1.2 million reclassification of income tax benefits, enhancing net income for the quarter [13]

Core Viewpoint - AMREP Corporation reported significant growth in net income and revenues for the second quarter and first six months of fiscal year 2025 compared to the same periods in the previous year [1][4]. Financial Performance - For the second quarter of fiscal 2025, AMREP's net income was $4,042,000, or $0.75 per diluted share, compared to $1,108,000, or $0.21 per diluted share in the same quarter of 2024 [1][4]. - For the first six months of fiscal 2025, net income reached $8,106,000, or $1.51 per diluted share, up from $2,454,000, or $0.46 per diluted share in the prior year [1][5]. - Revenues for the second quarter of 2025 were $11,906,000, compared to $8,854,000 in the same quarter of 2024 [1][4]. - For the first six months of 2025, revenues totaled $30,997,000, compared to $19,143,000 in the first half of 2024 [1][5]. Shareholder Information - The weighted average number of common shares outstanding for the second quarter was 5,374,000 (diluted) and 5,320,000 (basic) [4]. - For the first six months, the weighted average number of common shares outstanding was 5,367,000 (diluted) and 5,314,000 (basic) [5]. Company Overview - AMREP Corporation is a major holder of land and a leading developer of real estate, as well as an award-winning homebuilder in New Mexico [3].