2018 Press Releases

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

AMREP REPORTS SECOND QUARTER FISCAL 2019 RESULTS

Plymouth Meeting, Pennsylvania, December 11, 2018 - AMREP Corporation (NYSE: AXR) today reported net income of $55,000, or $0.00 per share, for its 2019 second fiscal quarter ended October 31, 2018 compared to net income of $278,000, or $0.03 per share, for the same period of the prior year. For the first six months of 2019, the Company had net income of $116,000, or $0.01 per share, compared to net income of $1,726,000, or $0.21 per share, for the same period of 2018. Revenues were $9,608,000 and $21,323,000 for the second quarter and first six months of 2019 compared to $9,175,000 and $20,501,000 for the same periods of 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 land and leading developer of real estate in New Mexico 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,   2018   2017 Revenues $ 9,608,000   $ 9,175,000   Net Income: $ 55,000   $ 278,000   Earnings per share - Basic and Diluted: $ 0.00   $ 0.03   Weighted average number of common shares outstanding - basic 8,095,000   8,070,000 Weighted average number of common shares outstanding - diluted 8,146,000   8,102,000   Six Months Ended October 31,   2018   2017 Revenues $ 21,323,000   $ 20,501,000   Net Income: $ 116,000   $ 1,726,000   Earnings per share - Basic and Diluted: $ 0.01   $ 0.21   Weighted average number of common shares outstanding - basic 8,090,000   8,067,000 Weighted average number of common shares outstanding - diluted 8,135,000   8,096,000

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 the Company's website (www.amrepcorp.com/SECfiles).

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 2019 RESULTS

Plymouth Meeting, Pennsylvania, September 11, 2018 - AMREP Corporation (NYSE: AXR) today reported net income of $61,000, or $0.01 per share, for its 2019 first fiscal quarter ended July 31, 2018 compared to net income of $1,448,000, or $0.18 per share, for the same period of the prior year. Revenues were $11,715,000 for the first quarter of 2019 compared to $11,326,000 in 2018.

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 land and leading developer of real estate in New Mexico 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 July 31,   2018   2017 Revenues $ 11,715,000   $ 11,326,000   Net Income: $ 61,000   $ 1,448,000   Earnings per share - Basic and Diluted: $ 0.01   $ 0.18   Weighted average number of common shares outstanding - basic 8,086,000   8,063,000 Weighted average number of common shares outstanding - diluted 8,124,000   8,083,000

AMREP Corporation's financial statements on Form 10-K are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on the Company's website (www.amrepcorp.com/SECfiles.asp).

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 FISCAL 2018 RESULTS

Plymouth Meeting, Pennsylvania, July 20, 2018 - AMREP Corporation (the "Company") (NYSE: AXR) today reported net income of $238,000, or $0.03 per share, for its 2018 fiscal year ended April 30, 2018 compared to a net loss of $15,000, or $0.00 per share, in 2017. Results for 2018 included a non-cash increase in income tax expense of $2,710,000, or $0.34 per share, arising from certain federal tax law changes enacted during 2018. The tax law changes required the Company to remeasure its deferred tax assets and liabilities based on the rates at which the deferred tax assets and liabilities are expected to reverse in the future. Results for 2017 included a pre-tax, non-cash impairment charge of $150,000 ($95,000 after tax, or $0.01 per share), reflecting the write-down of certain real estate inventory. Excluding the impact of tax law changes in 2018 and the impairment charge in 2017, results for 2018 were net income of $2,948,000, or $0.37 per share, compared to net income of $80,000, or $0.01 per share, for 2017. Revenues were $40,178,000 for 2018 compared to $42,368,000 for 2017.

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

Twelve Months Ended April 30,   2018   2017 Revenues $ 40,178,000   $ 42,368,000   Net Income (loss): $ 238,000   $ (15,000)   Earnings (loss) per share - Basic and Diluted: $0.03   $ (0.00)   Weighted average number of common shares outstanding - basic 8,073,000   8,052,000 Weighted average number of common shares outstanding - diluted 8,104,000   8,077,000

AMREP Corporation's financial statements on Form 10-K are expected to be filed with the Securities and Exchange Commission concurrently with this release and will be available on the Company's website (www.amrepcorp.com/SECfiles.asp).

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 THIRD QUARTER FISCAL 2018 RESULTS

Plymouth Meeting, Pennsylvania, March 19, 2018 - AMREP Corporation (NYSE: AXR) today reported a net loss of $2,851,000, or $0.35 per share, for its 2018 third fiscal quarter ended January 31, 2018 compared to net income of $174,000, or $0.02 per share, for the same period of 2017. For the first nine months of 2018, the Company had a net loss of $1,125,000, or $0.14 per share, compared to net income of $916,000, or $0.11 per share, for the same period of 2017. Net results for 2018 were unfavorably impacted by federal tax law changes enacted during the Company's third quarter that reduced the value of the Company's deferred tax assets. This reduction was the primary driver increasing the Company's income tax expense by $3,057,000, or $0.38 per share, for the third quarter and first nine months of 2018. Revenues were $10,379,000 and $30,880,000 for the third quarter and first nine months of 2018 compared to $9,777,000 and $33,450,000 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 January 31,   2018   2017 Revenues $ 10,379,000   $ 9,777,000 Net Income (loss) $ (2,851,000)   $ 174,000 Earnings per share - Basic and Diluted $ (0.35)   $ 0.02 Weighted average number of common shares outstanding - basic 8,075,000   8,053,000 Weighted average number of common shares outstanding - diluted 8,075,000   8,080,000   Nine Months Ended January 31,   2018   2017 Revenues $ 30,880,000   $ 33,450,000 Net Income (loss) $ (1,125,000)   $ 916,000 Earnings per share - Basic and Diluted $ (0.14)   $ 0.11 Weighted average number of common shares outstanding - basic 8,070,000   8,048,000 Weighted average number of common shares outstanding - diluted 8,070,000   8,074,000

AMREP Corporation's financial statements on Form 10-Q is expected to be filed jointly with this release and will be available on the Company's website (www.amrepcorp.com/SECfiles.asp).