<SEC-DOCUMENT>0001104659-21-099491.txt : 20210803
<SEC-HEADER>0001104659-21-099491.hdr.sgml : 20210803
<ACCEPTANCE-DATETIME>20210803163308
ACCESSION NUMBER:		0001104659-21-099491
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210803
DATE AS OF CHANGE:		20210803

FILER:

	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

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-04702
		FILM NUMBER:		211140394

	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>
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<SEQUENCE>1
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<DESCRIPTION>DEFA14A
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<P STYLE="margin: 0">&nbsp;</P>

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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SCHEDULE 14A </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Rule 14a-101) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proxy Statement Pursuant to Section&nbsp;14(a)
of the </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934 (Amendment No.
___)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by the Registrant <FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.2pt; text-align: justify; text-indent: -12.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Filed
by a Party other than the Registrant <FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">Check the appropriate
box:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Preliminary Proxy Statement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Definitive Proxy Statement</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">Definitive Additional Materials</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Soliciting Material Pursuant to Rule 14a-12</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMREP CORPORATION </B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Registrant as Specified In Its Charter)
</B></P>

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<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Name of Person(s) Filing Proxy Statement, if
Other Than the Registrant) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 12.25pt; text-align: justify; text-indent: -12.25pt">Payment of
Filing Fee (Check the appropriate box):</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></TD><TD STYLE="text-align: justify">No fee required.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">1)</TD><TD STYLE="text-align: justify">Title of each class of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



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<TD STYLE="width: 24.45pt"></TD><TD STYLE="border-top: Black 1pt solid; width: 24.5pt">2)</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify">Aggregate number of securities to which transaction applies:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="border-top: Black 1pt solid; width: 24.5pt">3)</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set
forth the amount on which the filing fee is calculated and state how it was determined):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="border-top: Black 1pt solid; width: 24.5pt">4)</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify">Proposed maximum aggregate value of transaction:</TD></TR></TABLE>

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<TD STYLE="width: 24.45pt"></TD><TD STYLE="border-top: Black 1pt solid; width: 24.5pt">5)</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify">Total fee paid:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
                                                                                                                                                                                    </TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Fee paid previously with preliminary materials:</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.5pt"><FONT STYLE="font-family: Wingdings">&uml;</FONT></TD><TD STYLE="text-align: justify">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the
filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or
schedule and the date of its filing.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">1)</TD><TD STYLE="text-align: justify">Amount Previously Paid:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>



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<TD STYLE="width: 24.45pt"></TD><TD STYLE="border-top: Black 1pt solid; width: 24.5pt">2)</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify">Form, Schedule or Registration Statement No.:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>



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<TD STYLE="width: 24.45pt"></TD><TD STYLE="border-top: Black 1pt solid; width: 24.5pt">3)</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify">Filing Party:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>



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<TD STYLE="width: 24.45pt"></TD><TD STYLE="border-top: Black 1pt solid; width: 24.5pt">4)</TD><TD STYLE="border-top: Black 1pt solid; text-align: justify">Date Filed:</TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<IMG SRC="tm2123523d2_defa14aimg001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 5in; text-align: right">August 3, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To Our Owners:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">AMREP Corporation posted strong financial results
for our 2021 fiscal year ended April 30, 2021 and laid the foundation for our Rio Rancho, New Mexico based real estate business to enjoy
continued profitable growth in the future. Our team of entrepreneurial employees successfully navigated the many uncertainties surrounding
the pandemic, generating $40.1 million in revenue, $12.6 million in net cash from operating activities and $7.4 million in net income.
These results were achieved in an environment of soaring demand for all inputs related to real estate development and homebuilding, including
land, entitlements, lumber, construction materials, contractors and finished lots. The market recognized this outstanding performance,
with our share price increasing from $4.84 at the end of fiscal 2020 to $10.70 at the end of fiscal 2021, a gain of 121%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Here are some quick highlights to provide guideposts
for your understanding of AMREP today:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: black">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Land development</U>: We had land sales of $25.2 million in 2021. We have continued to acquire land
to augment our current holdings to provide a stronger foundation for future real estate projects and to seize opportunities to achieve
attractive risk-adjusted returns while at the same time building deeper relationships with our various stakeholders. In addition, we regularly
evaluate opportunities to grow related real estate capabilities in an opportunistic manner.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: black">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Homebuilding</U>: Our internal homebuilder helped monetize some of our scattered lot land holdings
in 2021 while capturing incremental returns otherwise generated by third party builders with respect to our finished lot sales. In our
first year of active operations, we closed on the sale of 14 homes in 2021 representing revenue of $3.1 million. As of April 30, 2021,
we had 33 homes in production, of which 23 homes were under contract.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: black">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Commercial development</U>: We completed the sale in 2021 of our newly constructed 14,000 square foot,
single tenant retail building in the Las Fuentes at Panorama Village subdivision in Rio Rancho.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black">We
recently acquired a 15-acre commercial property in Albuquerque, New Mexico, which we expect to redevelop into a mixed-use project with
residential and commercial uses. As noted in </FONT><FONT STYLE="color: windowtext">our letter to you last year</FONT>, patience is often
required in the real estate business &ndash; we evaluated this property for 4 years before making the acquisition. We believe this asset
is well-positioned to deliver significant near-term returns to AMREP with reduced execution risk as a result of our obtaining commitments
for a material portion of the to-be-developed property from third parties prior to completing the acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: black">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Non-core assets</U>: We remain focused on the sale of our non-core assets and sold our 61,000 square
foot warehouse and office facility in Palm Coast, Florida in 2021. We plan to continue to monetize our other non-core assets, including
primarily our 143,000 square foot warehouse and office facility in Palm Coast, Florida, our 160-acre property in Brighton, Colorado and
our 5-acre property in Parker, Colorado.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="tm2123523d2_defa14aimg002.jpg" ALT="">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; color: black">&middot;</FONT></TD><TD STYLE="text-align: justify"><U>Intel expansion</U>: We expect that future demand for land, homes and commercial projects in Rio Rancho
will be further bolstered by Intel Corporation&rsquo;s recent announcement of significant job creation and a planned $3.5 billion investment
in its facility there.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We encourage you to read our annual report on
Form 10-K to understand the details of these headline numbers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Our
philosophy and focus</U></FONT>. Our goal, and the reason for our success in 2021, is to be a leading New Mexico real estate company focused
on sustainable long-term success and profitability through careful advance planning and the meticulous execution of our plan. As we stated
in our letter to you last year, our strategy is to leverage our talented and highly dedicated team of employees to expand our operations
through the monetization of our land inventory, supplemented by the opportunistic acquisition of new land for identifiable development,
the expansion of our homebuilding business and the growth of related real estate capabilities that add value to what we do. We did this
in 2021, and our goal, strategy and operations are intended to generate strong future returns on capital and maximize per share equity
value on a long-term basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">While some might prefer us to liquidate assets
and distribute the proceeds, we do not believe that this is the best strategy to maximize shareholder returns. Rather, we view AMREP as
a vibrant operating company with deep expertise in land development, homebuilding and commercial development. We plan to use this expertise
to build highly desirable residential and commercial developments and award-winning homes and believe that this model will yield significantly
better results for our shareholders as compared to simply liquidating our assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">To refine this point, most of our assets are comprised
of significant land holdings in New Mexico, which are generally illiquid in nature. We believe that a liquidation of these land holdings
in an artificially short-term manner would yield a lower value than the value currently reflected on our balance sheet. As disclosed in
our financial statements, long-lived assets are subject to an accounting rule that requires an impairment write-down in their value based
on an <I>undiscounted</I> cash flow analysis. Most of our New Mexico real estate holdings have project lives of many years and, on an
undiscounted cash flow basis, they are expected to yield dollar amounts in excess of the balance sheet value of those assets. But if those
assets were sold in an artificially short-term manner (i.e., outside of the ordinary course of our business and prior to the expected
project life of such assets), the value that we would expect to receive would likely be less than the value currently reflected on our
balance sheet. Viewed in this light, our focus on sustainable long-term success and profitability through thoughtful advance planning
is the best path forward to maximize our per share value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: black"><U>Why
are we a publicly traded company?</U></FONT> From time to time, shareholders ask us why AMREP remains a publicly traded company. Here
is the simple answer: we remain a public company because we are a public company. It would take an interested third party to effectuate
an acquisition or a going private transaction to change this. Although stock repurchases by AMREP could reduce the number of our outstanding
shares, this would not solve the overarching requirement of such a transaction &ndash; namely, that someone needs to acquire the company
(whether it is composed of 5 million shares or 7 million shares). This would require that person to propose an acquisition involving a
payment of cash or other consideration to all shareholders. The step-child to an acquisition or a going private transaction is a going
dark transaction, which would involve delisting from the New York Stock Exchange and deregistering our shares under the Securities Exchange
Act of 1934, which would eliminate our periodic reporting of 8-Ks, 10-Qs and 10-Ks to our shareholders. We do not see the long-term benefits
of a going dark transaction given our shareholder base and the minimal cost savings that would result.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The asset liquidation and the acquisition/going
private alternatives are convenient avenues for possible short-term gain but this is not our approach to the business. Instead, we believe
our long-term focus on value maximization and profitable growth will yield superior benefits to our shareholders and create a more valuable
company with greater optionality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>Capital
allocation decisions during 2021</U></FONT>. As we stated last year, we evaluate our capital allocation in light of available and planned
business opportunities consistent with sustainable long-term success and profitability and in light of the possible return of excess capital
to shareholders when certain funds are not expected to be needed for such sustainable long-term success and profitability. During 2021,
we determined that there was excess capital that could be distributed to shareholders and negotiated the acquisition of 830,945 shares
of our common stock at a very favorable aggregate price of $5,115,100, or an average of $6.16 per share. We view these 2021 repurchases
as a return of excess capital to shareholders in light of then available and planned business opportunities and also the prices at which
we could repurchase our shares. While we might return capital to shareholders in the future via share repurchases or dividends, our primary
focus will be on long-term profitable per share growth. Our advance planning and conservative business principles will guide and inform
how we use our cash with these guidelines in mind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We will close this year&rsquo;s letter to shareholders
with a similar message to last year. We recognize that you as shareholders are not privy to our project and operational evaluations, including
their required cash investments. We can assure you, however, that with our current Board and management team, we intend to use our human
talent and financial resources to grow and increase the value of our real estate business, both absolutely and on a per share basis. Our
aim is not growth for growth&rsquo;s sake; rather, it is to build a business with high returns on the capital we employ. In so doing,
we will be patient in executing on our strategy but will act quickly when the right opportunities present themselves. We will continue
to support a strong entrepreneurial management team, we will evaluate our capital allocation in light of available and planned business
opportunities and the possible return of excess capital to shareholders under the right circumstances and we will be good stewards of
AMREP. We want this to be a business you are proud to own, whose identity is clearly appreciated and which can help you achieve your investment
goals as a long-term shareholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We appreciate your continued support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sincerely,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%">/s/ Christopher V. Vitale </TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif">/s/</FONT> Edward B. Cloues, II </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>Christopher V. Vitale</TD>
    <TD>&nbsp;</TD>
    <TD>Edward B. Cloues, II</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>President and Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD>Chairman of the Board</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
