FOR:		AMREP Corporation
		641 Lexington Avenue
		New York, NY 10022

CONTACT:	Peter M. Pizza
		Vice President and Chief Financial Officer
		(212) 705-4705
		(212) 705-4740 (fax)

AMREP CORPORATION DECLARES A SPECIAL CASH DIVIDEND OF $3.50 PER SHARE

New York, December 7, 2005 -- AMREP Corporation (NYSE: AXR) today announced that its Board 
of Directors has declared a special cash dividend of $3.50 per common share payable on 
January 9, 2006 to shareholders of record at the close of business on December 19, 2005.

The Board indicated that the Company's financial condition, substantial cash position and 
anticipated cash flow, particularly from its real estate operations, in relation to its current 
capital requirements were major factors in its determination to reward shareholders with this 
special cash dividend, which follows special dividends of $0.55, $0.40 and $0.25 per share 
that were declared following the close of AMREP's last three fiscal years ending 
April 30, 2005, 2004 and 2003.  The Company said that the Board may consider special dividends 
from time-to-time in the future in light of conditions then existing, including earnings, 
financial condition, cash position, and capital requirements and other needs.

AMREP Corporation's Kable Media Services, Inc. subsidiary distributes magazines to wholesalers 
and provides subscription fulfillment and related services to publishers and others, and its 
AMREP Southwest Inc. subsidiary is a major landholder and leading developer of real estate in 
New Mexico.

*   *   *   *   *   *   *   *

The statements in this news release that are not historical financial statements, including 
statements regarding anticipated cash flows and capital requirements, are forward-looking 
statements within the meaning of the federal securities laws.  These statements are subject 
to numerous risks and uncertainties, many of which are beyond the control of AMREP and that 
could cause actual results to differ materially from such statements.  Further information 
about these and other relevant risks and uncertainties may be found in the Company's filings 
with the Securities and Exchange Commission, all of which are available from the Commission 
as well as from other sources.  Recipients of this news release are cautioned to consider 
these risks and uncertainties and to not place undue reliance on the forward-looking statements
contained therein.  AMREP disclaims any intention or obligation to update or revise any 
forward-looking statements, whether as a result of new information, future events or 
otherwise.