Exhibit 99.1

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 2020 RESULTS

Plymouth Meeting, Pennsylvania, December 10, 2019 – AMREP Corporation (NYSE: AXR) today reported a net loss of $2,169,000, or $0.27 per share, for its 2020 fiscal second quarter ended October 31, 2019 compared to net income of $55,000, or $0.00 per share, for the same period of the prior year. For the first six months of 2020, AMREP had a net loss of $2,365,000, or $0.29 per share, compared to net income of $116,000, or $0.01 per share, for the same period of 2019.

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.

The results of the second quarter of the prior year reflected a net loss from continuing operations of $580,000 and net income from discontinued operations of $635,000. The first six months of the prior year reflected a net loss from continuing operations of $1,242,000 and net income from discontinued operations of $1,358,000. Discontinued operations resulted from the sale of AMREP’s fulfillment services business in April 2019.

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,
	2019			2018
Revenues	$	3,960,000		$	2,620,000
Net (loss) from continuing operations	$	(2,169,000	)	$	(580,000	)
Net income from discontinued operations		-		$	635,000
Net income	$	(2,169,000	)	$	55,000
(Loss) per share from continuing operations – Basic and Diluted	$	(0.27	)	$	(0.08	)
Income per share from discontinued operations – Basic and Diluted		-		$	0.08
Income per share – Basic and Diluted	$	(0.27	)	$	0.00
Weighted average number of common shares outstanding - basic		8,129,000			8,095,000
Weighted average number of common shares outstanding - diluted		8,129,000			8,146,000

	Six Months Ended October 31,
	2019			2018
Revenues	$	8,727,000		$	6,858,000
Net (loss) from continuing operations	$	(2,365,000	)	$	(1,242,000	)
Net income from discontinued operations		-		$	1,358,000
Net income	$	(2,365,000	)	$	116,000
(Loss) per share from continuing operations – Basic and Diluted	$	(0.29	)	$	(0.16	)
Income per share from discontinued operations – Basic and Diluted		-		$	0.17
Income per share – Basic and Diluted	$	(0.29	)	$	0.01
Weighted average number of common shares outstanding - basic		8,125,000			8,090,000
Weighted average number of common shares outstanding - diluted		8,125,000			8,135,000

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/).