AMREP: 620 West Germantown Pike, Suite 175

The following excerpt is from the company's SEC filing.

Plymouth
Meeting, Pennsylvania 19462

CONTACT:

Adrienne M. Uleau

Vice President, Finance
and Accounting

(610) 487-0907

AMREP REPORTS SECOND QUARTER FISCAL 2021
RESULTS

Plymouth Meeting, Pennsylvania, December
8, 2020 – AMREP Corporation (NYSE: AXR) today reported net income of $798,000, or $0.10 per share, for its 2021 fiscal second
quarter ended October 31, 2020 compared to a net loss of $2,169,000, or $0.27 per share, for the same period of the prior year.
For the first six months of 2021, AMREP had net income of $1,391,000, or $0.17 per share, compared to a net loss of $2,365,000,
or $0.29 per share, for the same period of 2020. During the second quarter of 2020, AMREP recognized a non-cash pre-tax settlement
charge of $2,929,000 due to AMREP’s defined benefit pension plan paying certain lump sum payouts of pension benefits to former
employees.

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 October 31,

Revenues

9,256,000

3,960,000

Net income (loss)

(2,169,000

Income (loss) per share – Basic and Diluted

Weighted average number of common shares outstanding - basic

8,122,000

8,129,000

Weighted average number of common shares outstanding - diluted

8,152,000

Six Months Ended October 31,

13,462,000

8,727,000

(2,365,000

8,136,000

8,125,000

8,168,000

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/).

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

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