<SEC-DOCUMENT>0001398344-20-012563.txt : 20200615
<SEC-HEADER>0001398344-20-012563.hdr.sgml : 20200615
<ACCEPTANCE-DATETIME>20200615182149
ACCESSION NUMBER:		0001398344-20-012563
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20200605
FILED AS OF DATE:		20200615
DATE AS OF CHANGE:		20200615

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GATE CITY CAPITAL MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0001705447
		STATE OF INCORPORATION:			IL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04702
		FILM NUMBER:		20964479

	BUSINESS ADDRESS:	
		STREET 1:		425 S. FINANCIAL PLACE, STE 910A
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60605
		BUSINESS PHONE:		312-214-2361

	MAIL ADDRESS:	
		STREET 1:		425 S. FINANCIAL PLACE, STE 910A
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60605

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMREP CORP.
		CENTRAL INDEX KEY:			0000006207
		STANDARD INDUSTRIAL CLASSIFICATION:	PERIODICALS:  PUBLISHING OR PUBLISHING AND PRINTING [2721]
		IRS NUMBER:				590936128
		STATE OF INCORPORATION:			OK
		FISCAL YEAR END:			0430

	BUSINESS ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462
		BUSINESS PHONE:		610-487-0905

	MAIL ADDRESS:	
		STREET 1:		620 WEST GERMANTOWN PIKE
		STREET 2:		SUITE 175
		CITY:			PLYMOUTH MEETING
		STATE:			PA
		ZIP:			19462

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMREP CORP
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAN REALTY & PETROLEUM CORP
		DATE OF NAME CHANGE:	19671019
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>fp0054745_3.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2020-06-05</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000006207</issuerCik>
        <issuerName>AMREP CORP.</issuerName>
        <issuerTradingSymbol>AXR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001705447</rptOwnerCik>
            <rptOwnerName>GATE CITY CAPITAL MANAGEMENT, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>425 S. FINANCIAL PLACE, STE 910A</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>CHICAGO</rptOwnerCity>
            <rptOwnerState>IL</rptOwnerState>
            <rptOwnerZipCode>60605</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, $0.10 par value</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1455649</value>
                    <footnoteId id="F1"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Reflects shares deemed to be under the investment control of Gate City Capital Management, LLC, which serves as an adviser to certain private investment funds and managed accounts. Michael Melby is the Managing Member of Gate City Capital Management, LLC.</footnote>
        <footnote id="F2">Mr. Melby may be deemed to beneficially own (solely for the purpose of Rule 16a-1(a)(2) under the Exchange Act) the securities set forth in footnote (1) above as Managing Member of Gate City Capital Management, LLC. Mr. Melby disclaims beneficial ownership of such securities except to the extent of his pecuniary interest therein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Michael Melby as Managing Member of Gate City Capital Management, LLC</signatureName>
        <signatureDate>2020-06-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
