2016 Press Releases

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Robert E. Wisniewski Executive Vice President and Chief Financial Officer (609) 716-8210

AMREP REPORTS SECOND QUARTER FISCAL 2017 RESULTS

Princeton, New Jersey, December 14, 2016 - AMREP Corporation (NYSE: AXR) today reported net income of $112,000, or $0.01 per share, for its 2017 second fiscal quarter ended October 31, 2016 compared to a net loss of $676,000, or $0.08 per share, for its second fiscal quarter of 2016. For the first six months of 2017, the Company had net income of $742,000, or $0.09 per share, compared to a net loss of $1,855,000, or $0.23 per share, for the same period of 2016. Revenues were $11,465,000 and $23,673,000 for the second quarter and first six months of 2017 compared to $11,221,000 and 20,796,000 for the same periods in the prior year.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area and its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers.

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FINANCIAL HIGHLIGHTS

Three Months Ended October 31,   2016   2015 Revenues $ 11,465,000   $ 11,221,000   Net Income (loss): $ 112,000   $ (676,000)   Earnings (loss) per share - Basic and Diluted: $0.01   $ (0.08)   Weighted average number of common shares outstanding 8,050,000   8,038,000

Six Months Ended October 31,   2016   2015 Revenues $ 23,673,000   $ 20,796,000   Net Income (loss): $ 742,000   $ (1,855,000)   Earnings (loss) per share - Basic and Diluted: $0.09   $ (0.23)   Weighted average number of common shares outstanding 8,046,000   8,034,000

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Clifford Martin Vice President and Chief Financial Officer (609) 716-8220

AMREP REPORTS FIRST QUARTER FISCAL 2017 RESULTS

Princeton, New Jersey, September 14, 2016 - AMREP Corporation (NYSE: AXR) today reported net income of $630,000, or $0.08 per share, for its 2017 first fiscal quarter ended July 31, 2016 compared to a net loss of $1,179,000, or $0.15 per share, for the same period the prior year. Revenues were $12,208,000 for the first quarter of 2017 compared to $9,575,000 in 2016.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

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AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS

Three Months Ended July 31,   2016   2015 Revenues $ 12,208,000   $ 9,575,000   Net Income (loss): $ 630,000   $ (1,179,000)   Earnings (loss) per share - Basic and Diluted: $0.08   $ (0.15)   Weighted average number of common shares outstanding 8,042,000   8,029,000

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Christopher V. Vitale (609) 716-8220

AMREP ANNOUNCES APPOINTMENT OF CHIEF FINANCIAL OFFICER

Princeton, New Jersey, August 18, 2016 - AMREP Corporation (NYSE:AXR) today announced that Robert Wisniewski has been appointed as Executive Vice President and Chief Financial Officer of AMREP effective as of November 1, 2016. Clifford Martin, currently Vice President and Chief Financial Officer of AMREP, will become Treasurer of the Company and Chief Financial Officer of its Palm Coast Data LLC subsidiary as of November 1, 2016.

"I know Bob well and have worked closely with him in the past," said Edward B. Cloues, II, Chairman of AMREP. "He possesses strong finance and accounting skills, is an executive of the highest integrity, and has a proven record of public company leadership in the finance area. Bob will be a great asset to AMREP as we strive to build the Company," said Mr. Cloues. "We thank Cliff for stepping in as Chief Financial Officer of AMREP during the past few months and look forward to his return to his former positions as Treasurer of the Company and Chief Financial Officer of Palm Coast Data LLC."

Prior to being appointed Executive Vice President and Chief Financial Officer of the Company, Mr. Wisniewski held senior level accounting and finance positions at various Coperion entities, which manufacture process and material handling equipment and systems and are subsidiaries of Hillenbrand, Inc., a New York Stock Exchange listed company, and at K-Tron International, Inc., a NASDAQ Global Market company, which was acquired by Hillenbrand in 2010. Mr. Wisniewski served as the Senior Vice President and Chief Financial Officer of K-Tron. He holds a B.S. degree in Economics from the Wharton School of the University of Pennsylvania and is a certified public accountant who spent 11 years at Ernst & Whinney (now Ernst & Young) earlier in his career.

About AMREP - AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC and its affiliates provides subscription fulfillment, contact center and related services to publishers, membership organizations, government agencies and others, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Clifford Martin Vice President and Chief Financial Officer (609) 716-8220

AMREP REPORTS FISCAL 2016 RESULTS

Princeton, New Jersey, July 29, 2016 — AMREP Corporation (the "Company") (NYSE: AXR) today reported a net loss of $10,224,000, or $1.27 per share, for its 2016 fiscal year ended April 30, 2016 compared to net income of $11,320,000, or $1.43 per share, in 2015. Results for 2016 were solely from continuing operations. Results for 2015 consisted of (i) a net loss from continuing operations of $3,584,000, or $0.45 per share, and (ii) net income from discontinued operations of $14,904,000, or $1.88 per share. Revenues for 2016 were $41,664,000 compared to $49,790,000 in 2015.

The net loss from continuing operations for 2016 included pre-tax, non-cash impairment charges of $10,406,000 ($6,556,000 after tax, or $0.81 per share) while the results from continuing operations for 2015 included pre-tax, non-cash impairment charges of $2,580,000 ($1,625,000 after tax, or $0.21 per share). The 2016 impairment charges included a $7,900,000 write-down of certain long-lived assets of the Fulfillment Services business. The remaining 2016 impairment charges of $2,506,000, as well as the 2015 impairment charges, primarily reflected the write-down of certain real estate inventory in New Mexico and discontinuance of the development of certain software in the Fulfillment Services business. Excluding the impairment charges in both years, results of continuing operations for 2016 were a net loss of $3,668,000, or $0.46 per share, compared to a net loss of $1,959,000, or $0.25 per share, for 2015.

In commenting on 2016's results, the Company's Chairman, Edward B. Cloues, II, said that "With the booking of the non-cash impairment charges of $10,406,000, the Company has completed a restructuring of its business and balance sheet that began in fiscal year 2014. We have exited three businesses (magazine distribution, product packaging and fulfillment, and staffing), eliminated a very significant negative working capital position, reduced debt and balance sheet risk, and simplified our organization. This was a major task, and it was accomplished despite headwinds from our real estate business that was suffering through a severe industry downturn that began several years ago and is only now beginning to recede. Going forward, our focus will be on running our two remaining operations – real estate and fulfillment and contact center services – and seeking out opportunities for growth."

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC performs fulfillment and contact center services for publications, membership organizations, government agencies and other direct marketers, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

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AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS

Twelve Months Ended April 30,   2016   2015 Revenues $ 41,664,000   $ 49,790,000 Net Income (loss):           Continuing Operations $ (10,224,000)   $ (3,584,000)     Discontinued Operations $               -   $ 14,904,000   $ (10,224,000)   $ 11,320,000 Earnings (loss) per share - Basic and Diluted:           Continuing Operations $ (1.27)   $ (0.45)     Discontinued Operations $         -   $ 1.88   $ (1.27)   $ 1.43   Weighted average number of common shares outstanding 8,037,000   7,919,000

FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Christopher V. Vitale (609) 716-8200

AMREP ANNOUNCES RETIREMENT OF CFO PETE PIZZA; CLIFFORD MARTIN NAMED AS SUCCESSOR

Princeton, New Jersey, April 28, 2016 ñ AMREP Corporation (NYSE:AXR) today announced that Pete Pizza will retire as Chief Financial Officer of AMREP effective April 30, 2016. Consistent with the Companyís succession planning, Clifford Martin, currently AMREPís Treasurer and Director of Accounting, will assume the role of Chief Financial Officer of AMREP as of May 1, 2016, which is the beginning of the Companyís 2017 fiscal year.

Mr. Pizza has been AMREPís Vice President and Chief Financial Officer since 2001 and was Vice President and Controller from 1997 to 2001. Mr. Martin has been AMREPís Director of Accounting since 2006 and Treasurer since 2012. Mr. Pizza is expected to continue as an employee of AMREP through the end of the first quarter of fiscal 2017 to ensure a smooth transition of responsibilities.

ìPete has been an important part of AMREP since he joined the Company as Controller in 1995, and on behalf of the Board and all the employees, I want to thank him for his service to the Company and wish him well in retirement,î said Edward B. Cloues, II, Chairman of AMREP. ìI am pleased to also announce Cliffís promotion and expanded role as AMREPís next CFO. We look forward to a seamless transition and to Cliff being a strong and effective leader of our financial function.î

About AMREP ñ AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC and its subsidiary provide subscription fulfillment and related services to publishers and others, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

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FOR:	AMREP Corporation 300 Alexander Park, Suite 204 Princeton, NJ 08540
CONTACT:	Peter M. Pizza Vice President and Chief Financial Officer (609) 716-8210

AMREP REPORTS THIRD QUARTER FISCAL 2016 RESULTS

Princeton, New Jersey, March 15, 2016 - AMREP Corporation (NYSE: AXR) today reported a net loss of $569,000, or $0.07 per share, for its 2016 fiscal third quarter ended January 31, 2016 compared to a net loss of $309,000, or $0.04 per share, for the third quarter of fiscal year 2015 ended January 31, 2015. For the first nine months of 2016, the Company had a net loss of $2,424,000, or $0.30 per share, compared to net income of $6,209,000, or $0.79 per share, for the same period of 2015. The Companyís results for both periods in fiscal 2016 were entirely from continuing operations. The results for the three months ended January 31, 2015 consisted of (i) a net loss from continuing operations of $304,000, or $0.04 per share, and (ii) a net loss from discontinued operations of $5,000, or $0.00 per share. The results for the nine months ended January 31, 2015 consisted of (i) a net loss from continuing operations of $1,037,000, or $0.13 per share, and (ii) net income from discontinued operations of $7,246,000, or $0.92 per share, which included a pre-tax gain of $11,155,000 ($7,028,000 after tax, or $0.89 per share) from a settlement agreement with a major customer of the Companyís former Newsstand Distribution Services business. Revenues from continuing operations were $12,198,000 and $32,994,000 for the third quarter and first nine months of 2016 compared to $13,220,000 and $39,898,000 for the same periods of the prior year.

AMREP Corporation, through its subsidiaries, is primarily engaged in two business segments: its Fulfillment Services business operated by Palm Coast Data LLC provides subscription fulfillment and related services to publishers and others, and its Real Estate business operated by AMREP Southwest Inc. and its subsidiaries is a major holder of real estate in the Rio Rancho, New Mexico area.

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AMREP CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(unaudited)

Three Months Ended January 31,   2016   2015 Revenues $ 12,198,000   $ 13,220,000 Net Income (loss):           Continuing Operations $ (569,000)   $ (304,000)     Discontinued Operations $               -   $ (5,000)   $ (569,000)   $ (309,000) Earnings (loss) per share - Basic and Diluted:           Continuing Operations $ (0.07)   $ (0.04)     Discontinued Operations $         -   $         -   $ (0.07)   $ (0.04)   Weighted average number of common shares outstanding 8,038,000   8,026,000

Nine Months Ended January 31,   2016   2015 Revenues $ 32,994,000   $ 39,898,000 Net Income (loss):           Continuing Operations $ (2,424,000)   $ (1,037,000)     Discontinued Operations $                  -   $ 7,246,000   $ (2,424,000)   $ 6,209,000 Earnings (loss) per share - Basic and Diluted:           Continuing Operations $ (0.30)   $ (0.13)     Discontinued Operations $         -   $ 0.92   $ (0.30)   $ 0.79   Weighted average number of common shares outstanding 8,035,000   7,884,000