Financial Performance - For the three months ended January 31, 2021, the Company recorded net income of $2,093,000, or $0.29 per share, compared to net income of $338,000, or $0.04 per share, for the same period in 2020[103]. - Total revenues for the three months ended January 31, 2021 were $7,864,000, a 49% increase from $5,287,000 in the prior year[104]. - Land sale revenues in New Mexico for the three months ended January 31, 2021 were $5,957,000, a 56% increase from $3,812,000 in the same period of 2020[104]. - Home sale revenues for the three months ended January 31, 2021 were $1,261,000, marking the Company's first home sales to customers[108]. - The average gross profit percentage on land sales in New Mexico was 51% for the three months ended January 31, 2021, compared to 19% for the same period in 2020[114]. - Land development revenue increased by 47% to $829 million for the three months ended January 31, 2021, compared to $564 million for the same period in 2020[116]. - Homebuilding revenue was $137 million for the three months ended January 31, 2021, reflecting the segment's new business status[116]. - Corporate expenses decreased by 24% to $376 million for the three months ended January 31, 2021, compared to $494 million for the same period in 2020[119]. - Interest expense decreased to $(21,000) for the three months ended January 31, 2021, down from $58,000 for the same period in 2020, due to lower interest rates[120]. - The provision for income taxes increased to $710,000 for the three months ended January 31, 2021, compared to $396,000 for the same period in 2020, due to reported income[121]. Operational Highlights - The Company closed on six homes during the three months ended January 31, 2021 at an average selling price of $210,000[108]. - The Company had 21 homes in production as of January 31, 2021, with 6 homes under contract representing approximately $1,370,000 of expected sales revenue[108]. - Rental revenues for the three months ended January 31, 2021 decreased by $28,000 compared to the prior period, primarily due to reduced rent from tenants[109]. - General and administrative expenses for the Company are detailed in the financial statements, reflecting operational costs[115]. Financial Position - Real estate inventory increased from $53.4 million at April 30, 2020, to $55.6 million at January 31, 2021, driven by land development activities[123]. - Accounts payable and accrued expenses rose from $3.1 million at April 30, 2020, to $4.1 million at January 31, 2021, primarily due to increased land development activity[125]. - Notes payable increased from $3.9 million at April 30, 2020, to $5.2 million at January 31, 2021, due to additional borrowings for land development[126]. Financing Activities - The Company entered into a $4 million revolving line of credit with BOKF in February 2021 for general corporate purposes, maturing in February 2024[127]. - MHWDC's total book value of mortgaged property was $1,298,000 as of January 31, 2021, and it was in compliance with financial covenants[138]. - Las Fuentes Village II, LLC had an outstanding principal amount of $2,514,000 on its loan as of January 31, 2021, with an interest rate of 3.04%[140]. - The acquisition financing for the Meso AM subdivision included a deferred purchase price of $1,838,000, with a total book value of mortgaged property at $5,480,000 as of January 31, 2021[141]. - The development financing for Lavender Fields, LLC had an outstanding principal amount of $852,000 as of January 31, 2021, with an interest rate of 3.75%[142]. - The Company received a loan of $298,000 under the Paycheck Protection Program, which was fully forgiven along with accrued interest of $2,000[143]. Shareholder Activities - The Company authorized a share repurchase program to buy up to 1,000,000 shares, with a total expenditure not exceeding $5,000,000[144]. - The Company repurchased 675,616 shares at a price of $6.18 per share in October 2020[144]. Capital Expenditures - Capital expenditures were $3,000 for both the three and nine months ended January 31, 2021, compared to $4,000 and $18,000 for the same periods in 2020[147]. - The Company capitalized $23,000 in interest and fees related to loans during the nine months ended January 31, 2021[140]. Regulatory Considerations - The Company is subject to various environmental regulations that may impact land development and homebuilding activities[148].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-4702 AMREP Corporation (Exact Name of Registrant as Specified in its Charter) | --- | |--------------------------- ...

Financial Performance - Total revenues for the three months ended July 31, 2020, were $4,206,000, a decrease of 11.8% compared to $4,767,000 for the same period in 2019[8] - Net income for the three months ended July 31, 2020, was $593,000, compared to a net loss of $196,000 for the same period in 2019, representing a significant turnaround[9] - Basic and diluted earnings per share for the three months ended July 31, 2020, were $0.07, compared to a loss of $0.02 per share in the same period of 2019[8] - The company reported a total comprehensive income of $683,000 for the three months ended July 31, 2020, compared to a loss of $42,000 in the same period of 2019[9] - Revenues for the first quarter of 2021 were $4,206,000, a decrease of 11.8% from $4,767,000 in the same period of 2020[60] - The Company recorded net income of $593,000, or $0.07 per share, for the first quarter of 2021, compared to a net loss of $196,000, or $0.02 per share, for the first quarter of 2020[60] Assets and Liabilities - Total assets increased to $99,991,000 as of July 31, 2020, up from $96,666,000 as of April 30, 2020, reflecting a growth of 2.3%[7] - Total liabilities rose to $14,629,000 as of July 31, 2020, compared to $12,029,000 as of April 30, 2020, indicating an increase of 21.7%[7] - Shareholders' equity increased to $85,362,000 as of July 31, 2020, from $84,637,000 as of April 30, 2020, showing a growth of 0.9%[7] - Cash and cash equivalents decreased to $17,068,000 as of July 31, 2020, from $17,502,000 as of April 30, 2020, a decline of 2.5%[6] - Investment assets, net totaled $18,798,000 as of July 31, 2020, compared to $18,644,000 as of April 30, 2020, reflecting a slight increase of 0.8%[28] Revenue Sources - Real estate land sales for the three months ended July 31, 2020, were $3,487,000, down 18.7% from $4,291,000 in the same period of 2019[8] - Other revenues for the three months ended July 31, 2020, totaled $369,000, compared to $135,000 for the same period in 2019, showing a significant increase of 173.3%[43] - Land sales revenue was $3,487,000 for the first quarter of 2021, down from $4,291,000 in the same period of 2020, with an average gross profit percentage of 23% compared to 15% in 2020[62] - Rent revenues increased to $350,000 for the first quarter of 2021 from $341,000 in the same period of 2020[63] - Other revenues rose significantly to $369,000 for the first quarter of 2021, compared to $135,000 in the same period of 2020, driven by various reimbursements and royalties[64] Operating Performance - Operating income for the three months ended July 31, 2020, was $83,000, compared to an operating loss of $454,000 for the same period in 2019, indicating a positive shift in operational performance[8] - Operating expenses for real estate increased to $677,000 in the first quarter of 2021 from $559,000 in the same period of 2020, primarily due to increased employee hiring and healthcare costs[65] Debt and Financing - Accounts payable and accrued expenses rose to $4,105,000 as of July 31, 2020, up from $3,125,000 as of April 30, 2020, indicating an increase of 31.3%[31] - Real estate notes payable increased to $5,523,000 as of July 31, 2020, compared to $3,894,000 as of April 30, 2020, marking a rise of 41.9%[32] - Notes payable increased from $3,890,000 at April 30, 2020 to $5,496,000 at July 31, 2020, primarily due to additional borrowings for land development activities[73] - The Company received a loan of $298,000 under the Paycheck Protection Program, with an interest rate of 1.0% as of July 31, 2020[79] - The Company was in compliance with all financial covenants for its loans as of July 31, 2020[73][74][75][77][79] Real Estate Activity - Real estate inventory increased from $53,449,000 at April 30, 2020, to $57,216,000 at July 31, 2020, reflecting increased land development activity[71] - The company reported that 100% of real estate land sales during the three months ended July 31, 2020, were made to four customers, compared to five customers in the same period of 2019[41] Miscellaneous - The Company repurchased 11,847 shares of common stock at a price of $4.48 per share in August 2020[80] - The outstanding principal amount of the loan for the Lomas Encantadas Subdivision was $1,005,000 as of July 31, 2020, with an interest rate of 3.2%[73] - The outstanding principal amount of the loan for the Hawk Site Subdivision was $41,000 as of July 31, 2020, with an interest rate of 4.5%[74] - The outstanding principal amount of the loan for the Las Fuentes at Panorama Village Subdivision was $2,312,000 as of July 31, 2020, with an interest rate of 3.08%[75] - The acquisition of the Meso AM subdivision included $1,838,000 of deferred purchase price, with a total book value of the property mortgaged at $3,530,000 as of July 31, 2020[77] - The Company has no obligation to update or publicly release any revisions to forward-looking statements after the date of such statements[84] - No relevant financial data or performance summary was extracted from the provided documents[92][93]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Common Stock $0.10 par value AXR New York Stock Exchange FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended April 30, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-4702 | --- | --- | --- | --- | |------------------------------------------------| ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 Common Stock $0.10 par value AXR New York Stock Exchange FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2020 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-4702 AMREP Corporation (Exact Name of Registrant as Speci ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended October 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-4702 AMREP Corporation (Exact Name of Registrant as Specified in its Charter) | --- | --- | --- | |--------------- ...

Financial Performance - Revenues for the three months ended July 31, 2019, were $4,767,000, an increase of 12.5% compared to $4,238,000 for the same period in 2018[9] - The company reported a net loss of $196,000 for the three months ended July 31, 2019, compared to a net income of $61,000 for the same period in 2018[12] - The company experienced an operating loss from continuing operations of $454,000 for the three months ended July 31, 2019, an improvement from a loss of $884,000 in the same period of 2018[9] - Basic and diluted loss per share from continuing operations was $(0.02) for Q3 2019, compared to $(0.08) for Q3 2018[9] - The company reported a net loss from continuing operations of $(196,000) for the three months ended July 31, 2019, compared to a loss of $(662,000) in the prior year[13] - Other comprehensive income for the three months ended July 31, 2019, was $154,000, compared to $157,000 for the same period in 2018[12] - Interest income, net for the three months ended July 31, 2019, was $124,000, significantly higher than $28,000 for the same period in 2018, driven by increased interest income on savings and deferred purchase price[41] Assets and Liabilities - Total assets as of July 31, 2019, were $100,077,000, a decrease of 0.45% from $100,530,000 as of April 30, 2019[6] - Total liabilities as of July 31, 2019, were $10,216,000, with accounts payable and accrued expenses amounting to $3,009,000[7] - Shareholders' equity increased slightly to $89,861,000 as of July 31, 2019, compared to $89,846,000 as of April 30, 2019[8] - Cash, cash equivalents, and restricted cash at the end of the period totaled $15,896,000, an increase from $14,236,000 at the beginning of the period[13] - The total amount of restricted cash decreased from $969,000 at April 30, 2019, to $305,000 at July 31, 2019[27] - The outstanding principal amount of real estate notes payable decreased to $842,000 as of July 31, 2019, from $1,384,000 as of April 30, 2019, with principal repayments of $390,000 made during the quarter[32] Cash Flow and Investments - Net cash provided by operating activities of continuing operations was $2,204,000, compared to a net cash used of $(206,000) in the same period last year[13] - Total adjustments to reconcile net loss to net cash provided by operating activities amounted to $2,400,000, significantly higher than $456,000 in the previous year[13] - The company incurred capital expenditures of $(1,000) during the three months ended July 31, 2019, compared to $85,000 in the same period last year[13] - Proceeds from debt financing were $29,000, a significant decrease from $1,044,000 in the prior year[13] - The company capitalized $20,000 of interest related to a loan for residential lot development during the three months ended July 31, 2019, compared to $0 in the same period of 2018[33] Real Estate Operations - Real estate land sales increased to $4,382,000 in Q3 2019, up from $4,181,000 in Q3 2018, reflecting a growth of 4.8%[9] - Real estate inventory and investment assets increased by $2,255,000, contrasting with a decrease of $(299,000) in the same period last year[13] - As of July 31, 2019, accounts payable and accrued expenses totaled $3,009,000, an increase from $2,964,000 as of April 30, 2019, with real estate customer deposits rising to $1,317,000[31] - The company has approximately 12,000 acres of land in New Mexico classified as land held for long-term investment[29] Pension and Compensation - The company recognized a non-cash pre-tax pension settlement charge of approximately $2,960,000 expected in the quarter ending October 31, 2019, following lump sum payments to 309 former employees totaling approximately $7,200,000[38] - The company initiated a limited offer for former employees to elect a lump sum payout of their pension benefits, completing payments in September 2019[38] - The company issued 9,000 shares of restricted common stock under the 2016 Equity Plan during the three months ended July 31, 2019, with $25,000 recognized as non-cash compensation expense related to the vesting of restricted shares[39] Lease and Asset Recognition - The company recognized right-of-use assets obtained in exchange for operating lease liabilities amounting to $198,000 due to the adoption of ASU 2016-02[17] - Right-of-use assets associated with the company's leases amounted to $175,000, net of $23,000 of depreciation expense charged during the three months ended July 31, 2019[30] - The company recognized other comprehensive income of $154,000 for the three months ended July 31, 2019, related to the amortization of the pension plan's unrecognized net loss[36]

Financial Performance - For the fiscal year ended April 30, 2019, the company reported net income of $1,527,000, or $0.19 per share, compared to net income of $238,000, or $0.03 per share, in 2018[55]. - The company reported a loss from continuing operations of $2,465,000 in 2019, slightly improved from a loss of $2,564,000 in 2018[127]. - Net income rose significantly from $238,000 in 2018 to $1,527,000 in 2019, representing an increase of over 540%[129]. - The company recorded a total comprehensive income of $2,430,000 in 2019, compared to $1,544,000 in 2018, an increase of approximately 57.3%[129]. - Basic earnings per share improved from $0.03 in 2018 to $0.19 in 2019, marking a significant increase[127]. Revenue and Sales - Revenues from real estate land sales increased by 45.5% from $8,439,000 in 2018 to $12,313,000 in 2019[127]. - Revenues from land sales were $12,313,000 in 2019, up from $8,439,000 in 2018, with the average gross profit percentage on land sales in New Mexico decreasing to 12% from 16%[57][59]. - The company sold 65 acres of residential land in 2019 at an average selling price of $190,000 per acre, compared to 27 acres at $237,000 per acre in 2018[58]. - The fulfillment services business was sold on April 26, 2019, and is classified as discontinued operations, with no material impact expected on continuing operations[54][69]. Expenses and Costs - Operating expenses for the real estate business decreased to $990,000 in 2019 from $1,652,000 in 2018, primarily due to lower real estate taxes and land maintenance costs[63]. - General and administrative expenses for the real estate business increased to $625,000 in 2019 from $578,000 in 2018, mainly due to higher professional fees[64]. - Interest expense rose to $25,000 in 2019 from $5,000 in 2018, related to the amortization of debt issuance costs[65]. - The company recognized a tax benefit of $708,000 for continuing operations in 2019, compared to a benefit of $279,000 in 2018[67]. Assets and Liabilities - Total assets decreased from $106,225,000 in 2018 to $100,530,000 in 2019, a decline of approximately 5.5%[125]. - Total liabilities decreased from $19,095,000 in 2018 to $10,684,000 in 2019, a reduction of approximately 44.0%[125]. - Shareholders' equity increased from $87,130,000 in 2018 to $89,846,000 in 2019, reflecting a growth of about 3.1%[125]. - Real estate inventory decreased from $58,874,000 at April 30, 2018, to $57,773,000 at April 30, 2019, primarily due to real estate land sales[79]. - Investment assets decreased from $17,725,000 at April 30, 2018, to $17,227,000 at April 30, 2019, primarily due to depreciation charges[80]. Pension and Retirement Plans - The defined benefit pension plan was underfunded by $6,401,000 as of April 30, 2019, down from $9,051,000 in 2018, due to company contributions and favorable investment results[74]. - Net periodic pension cost for 2019 was $649,000, a decrease of 35% from $999,000 in 2018[208]. - The benefit obligation at the end of 2019 was $30,304,000, down from $32,423,000 at the end of 2018, reflecting a decrease of approximately 6.5%[211]. - The underfunded status of the pension plan improved to $6,401,000 in 2019 from $9,051,000 in 2018, indicating a reduction of approximately 29.3%[211]. - The Company contributed $2,000,000 to the pension plan in 2019, compared to $1,040,000 in 2018, representing an increase of 92.3%[215]. Cash Flow and Financing - Cash and cash equivalents increased from $10,851,000 in 2018 to $13,267,000 in 2019, a rise of about 22.3%[125]. - Cash flows from operating activities of continuing operations resulted in a net cash outflow of $2,036,000 for the year ended April 30, 2019, compared to an outflow of $2,210,000 for the previous year[133]. - Proceeds from debt financing amounted to $3,121,000, while principal debt payments totaled $3,624,000 for the year ended April 30, 2019[133]. - The company capitalized interest related to this borrowing of $33,000 in 2019[103]. Taxation - The total benefit for income taxes was $(708,000) for the year ended April 30, 2019, compared to $(279,000) for the year ended April 30, 2018[228]. - The net deferred income tax asset increased to $4,536,000 in April 2019 from $2,965,000 in April 2018[230]. - The U.S. corporate income tax rate was reduced to 21% effective January 1, 2018, impacting the Company's tax provision[228].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended January 31, 2019 OR ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________ to ___________ Commission File Number: 1-4702 AMREP Corporation (Exact Name of Registrant as Specified in its Charter) | --- | --- | |--------------------- ...