UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                  CURRENTREPORT
                      PURSUANT TO SECTION 13 OR 15(d) OFTHE
                         SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported):  September 22, 2006
                                                 -------------------------------

                               AMREP CORPORATION
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               (Exact Name of Registrant as Specified in Charter)

Oklahoma                          1-4702                   59-0936128
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(State or Other Jurisdiction      (Commission File        (IRS Employer
of Incorporation)                 Number)                 Identification Number)

212 Carnegie Center, Suite 302, Princeton, New Jersey            08540
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       (Address of Principal Executive Offices)                  (Zip Code)

Registrant's telephone number, including area code:  (609) 716-8200
                                                   -----------------------------

                                 Not Applicable
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          (Former Name or Former Address, if Changed Since Last Report)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the Registrant under any of the
following provisions (see General Instruction A.2 .below):

[ ]  Written communications pursuant to Rule 425 under the Securities Act
     (17 CFR 230.425)

[ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act
     (17 CFR 240.14a-12)

[ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the
     Exchange Act (17 CFR 240.14d-2(b))

[ ]  Pre-commencement communications pursuant to Rule 13e-4(c)under the
     Exchange Act (17 CFR 240.13e-4(c))





Item 1.02.  Termination of a Material Definitive Agreement.

     As  reported  in a Current  Report on Form 8-K filed by the  Registrant  on
September 21, 2006, on September 18, 2006 the Registrant's  AMREP Southwest Inc.
subsidiary  established a $25 million  credit  facility  with Compass Bank.  The
subsidiary had a pre-existing $10 million credit facility with Wells Fargo Bank,
National Association which was reported in a Current Report on Form 8-K filed by
the Registrant on May 11, 2005. On September 22, 2006, the subsidiary terminated
the Wells Fargo credit facility. No material penalty or other cost or charge was
incurred in connection with the termination.

                                   SIGNATURES

     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                                     AMREP CORPORATION
                                                     -----------------
                                                      (Registrant)

                                                     By: /s/Peter M. Pizza
                                                         -----------------
                                                         Peter M. Pizza
                                                         Vice President and
                                                         Chief Financial Officer

Date:  September 25, 2006
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