AMREP REPORTS FIRST QUARTER FISCAL 2020 RESULTS

FOR:	AMREP Corporation 620 West Germantown Pike, Suite 175 Plymouth Meeting, Pennsylvania 19462
CONTACT:	James M. McMonagle Vice President and Chief Financial Officer (610) 487-0904

AMREP REPORTS FIRST QUARTER FISCAL 2020 RESULTS

Plymouth Meeting, Pennsylvania, September 11, 2019 – AMREP Corporation (NYSE: AXR) today reported a net loss of $196,000, or $0.02 per share, for its 2020 fiscal first quarter ended July 31, 2019 compared to net income of $61,000, or $0.01 per share, for the same period of the prior year. The prior year’s results reflected a net loss from continuing operations of $662,000 and net income from discontinued operations of $723,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019. AMREP Corporation, through its subsidiaries, is a major holder of land and leading developer of real estate in New Mexico. FINANCIAL HIGHLIGHTS

		Three Months Ended July 31,
		2019		2018
Revenues		$ 4,767,000		$ 4,238,000
Net (loss) from continuing operations		$ (196,000)		$ (662,000)
Net income from discontinued operations		–		$ 723,000
Net income		$ (196,000)		$ 61,000
(Loss) per share from continuing operations – Basic and Diluted		$ (0.02)		$ (0.08)
Income per share from discontinued operations – Basic and Diluted		–		$ 0.09
Income per share – Basic and Diluted		$ (0.02)		$ 0.01
Weighted average number of common shares outstanding – basic		8,095,000		8,086,000
Weighted average number of common shares outstanding – diluted		8,095,000		8,124,000

AMREP Corporation’s financial statements on Form 10-Q are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on AMREP’s website (www.amrepcorp.com/sec-filings).